G7 finance ministers will meet in April

Thu Mar 27, 2008 1:14pm EDT
 
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(Reuters) - Finance ministers and central bankers from the Group of Seven industrial nations will meet in Washington on Friday, April 11, for their regular spring gathering as they try find a solution to the credit crunch, a G7 source told Reuters.

The Financial Stability Forum of senior representatives of national financial authorities, meeting in Rome on Friday and Saturday, will also present the G7 policymakers with its final recommendations on beefing up surveillance of the global monetary system.

Analysts say the G7 -- which comprises the United States, Japan, Germany, Britain, France, Italy and Canada -- are also sure to discuss the plunging value of the dollar as European and Japanese politicians are worried about their exporters losing competitiveness.

The meeting comes at a crucial time for the world economy as the credit crunch that has gripped the financial system since last August still appears to have no end in sight despite the U.S. Federal Reserve slashing interest rates and central banks joining together to flood markets with extra cash.

G7 policymakers last met in Tokyo in February when they admitted the world "confronts a more challenging and uncertain environment" and said they stood ready to take individual and collective action to address the market turmoil.

Top central banks banded together again this month to provide liquidity to markets but interbank lending rates have remained stubbornly high and the Fed was even forced to orchestrate a sale of Bear Stearns after the U.S. investment bank was deemed no longer creditworthy.

Finance ministers and central bankers from the European Union will first meet next weekend in Slovenia where they are expected to try hammer out a common European position for the G7.

French President Nicolas Sarkozy, on a state visit to Britain, said in a radio interview on Wednesday that he would try get London's support to pressure Washington into doing something about the falling dollar.

 
<p>G7 Finance Ministers and Central Bank Governors attend the outreach dinner in Tokyo February 9, 2008. REUTERS/Toru Yamanaka/Pool</p>