G7 leaders to meet on financial crisis:Germany
Thursday, 09 October 2008

REUTERS, BERLIN- Heads of government from the Group of Seven (G7) leading industrial nations plan to meet this year to discuss the financial crisis, German Deputy Finance Minister Joerg Asmussen said on Wednesday.

Speaking just before the US Federal Reserve led a global round of emergency interest rate cuts in an effort to contain the financial crisis, Asmussen said the G7 leaders would be joined by representatives from major emerging economies.
 
"There are plans...for G7 heads of state and government to meet with important emerging market countries on the financial market crisis," Asmussen told reporters at a briefing in Berlin. "This should take place this year."
 
Government officials have said French President Nicolas Sarkozy, whose country holds the rotating EU presidency, has been pressing for a summit of world leaders before year-end to overhaul the global financial system.
 
Finance ministers from the Group of Seven, which include the United States, Canada, Britain, France, Germany, Italy and Japan are to meet in Washington on Friday, ahead of annual meetings of the International Monetary Fund (IMF) and World Bank.
 
Asmussen said the IMF would cut its global growth forecasts and spoke of major uncertainty in the outlook for the world economy.
 
Turning to European reaction to the financial crisis, Asmussen said he welcomed Britain's bank rescue plan.
 
"We welcome this approach from the British government because it contributes to the stability of the British financial system and we know what importance that has for the European financial system," he said.
 
Asmussen said each country should react to the financial crisis as was appropriate to its case.

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