G7 financial ministers' meeting ends
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Finance ministers and central bank governors from the world's seven leading industrialized nations concluded Saturday afternoon a two-day meeting in Canada's Arctic city of Iqaluit, promising continued financial support to the ongoing recovery and future development of global economy.
Canadian Minister of Finance Jim Flaherty said at a brief joint press conference that the global economic situation has improved, is improving and there is established recovery, "but there are signs that we need to continue to deliver the stimulus program to which we are mutually committed."
Flaherty said, at the snow-covered hall of a Canadian Cadet, that the most rich nations group also is committed to support development of the developing countries, confirming that all the ministers have agreed to forgive quake-ravaged Haiti's debts and an appeal for urgent assistance to the reconstruction of the Caribbean country.
"The recovery is underway and we all agreed to work closer together to solve the finical crisis," said Flaherty, in a brown sweater, adding that the meeting, which for the first time in the G7 history did not issue a concluding written statement or communique, is the start of the G7 informality.
The Canadian minister said that the first responders to the recent crisis were G7 members, stressing the coordinated efforts by G-7 nations to address the underlying causes of the financial crisis.
He said that issues related to the financial reform and the future of the G7 were also discussed during the frank and relatively informal fireside chats, at local hotel restaurants in this capital of Canada's Nunavut territory, but he did not elaborate.
Before the meeting opened on Friday evening, Flaherty said that the G7 no more play the leading role it once did, but it will continue to evolve in an ever-changing world while contributing, through frank and open discussion, to a more stable and prosperous world for all.
"Our major concern is economic recovery and financial stability, " Flaherty said at a briefing in the Frobisher Inn. "The origin of G7 is fireside chat, to get together and put proposals on issues to inform the important players like the G20 members."
Earlier on Friday, the minister stressed in an official statement that this G7 meeting will not revolve around negotiated communiques and scripted text, adding that it will be a time for frank discussion and a collective determination to help put the global economy firmly on the road to recovery.
"As the recent global crisis made clear, when the G7 Plan of Action served as the foundation for the G20 Washington Action Plan and all that followed, the G7 still has a vital role to play, even as it continues to evolve," he said.
The G7 delegates from Canada, France, Germany, Italy, Japan, the United Kingdom and the United States were joined by International Monetary Fund Managing Director Dominique Strauss- Khan, the World Bank President Robert Zoellick, European Central Bank President Jean-Claude Trichet and other officials.
Observers say that with the G20 meetings, which include emerging economies such as China, Russia, Brazil and India, taking the lead as the world's more influential economic forum for establishing global economic policies over the past few years, the G7 carries little weight and is struggling to remain relevant by promoting diverging economic and financial policies.
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