G7 to meet bankers to study credit crisis response
Written on April 9, 2008
Group of Seven finance chiefs will hold discussions with around 10 private sector bankers at a meeting this week to help shape their response to the global credit crisis, a Japanese finance ministry official said on Wednesday.
Central bankers and finance ministers of the world’s biggest industrial economies meet on Friday, with pressure growing for a common response to the crisis that has roiled markets, battered banks and put the skids under global economic growth.
“Uncertainty in the markets remains very strong as a whole,” the ministry of finance official said in a pre-G7 briefing.
“In such conditions, the focus of discussions will likely be what steps should be taken to ease risks (for the markets),” he told reporters.
The official, speaking on condition of anonymity, said the names of the banks attending a so-called outreach dinner on the sidelines of the G7 meeting in Washington would be released on the day of the meeting.
“About 10 people from major financial institutions in the world have been invited to exchange views on what was behind the recent financial market turbulence and how best to deal with it,” the official said.
“It’s an informal meeting, so it’s not a place to ask banks to do something bad credit payday loans. Rather, we will ask banks why (the financial market turbulence) occurred and what steps to take from here.”
Japan has backed European calls for the G7 to act together to calm financial markets and protect the global economy. Although Japanese banks have escaped the worst of the crisis triggered by U.S. mortgage defaults, Tokyo is worried a weak dollar and slowing U.S. economy will stifle exports and its own growth.
Filed in: economics.