G-7 Finance Ministers Promise To Provide Support For The Banking Sector.
the Seven Powers
The group finance ministers promised on Friday that the group of seven will provide support to the banking industry and take measures to support the slowing growth rate in the face of the euro zone sovereign debt crisis disrupting the financial market and putting the global economy in risk of recession.
"We will take all necessary actions to ensure the resilience of the banking system and the financial market," G-7 finance ministers and central bank governors said in a statement today.
Concerns about the speed and prospects of future economic recovery have highlighted the need for us to take measures at the global level to support strong, sustainable and balanced economic growth.
The statement said that central banks would "maintain price stability and continue to support the recovery process" and provide liquidity to lenders "according to needs"; meanwhile, governments would seek to adopt "Pro growth" budget cuts.
Finance ministers and central bank governors of the G-7 group reiterated the previous commitment to exchange rates determined by the market, but also pointed out that excessive volatility and unorderly exchange rate fluctuations have posed a threat to stability.
Of
Eurozone
Fears that policymakers could not stop Greece's debt default and control the debt crisis had prompted investors to sell stocks yesterday and pushed the euro to the lowest level in 6 months against the US dollar (1.3656, -0.0228, -1.64%).
European banks and sovereign credit risks have reached record levels. Yields on 10 - year treasury bonds and German bonds have all dropped to historic lows, as investors' demand for buying safe haven assets has increased significantly.
The German government has begun to take steps to provide support for its banking industry, while the resignation of Juergen Stark, European bank director, has also revealed that policy differences are deepening.
debt
The reality of the crisis.
The German government's three anonymous officials revealed earlier today that the government under the leadership of Angela Merkel, the prime minister, is preparing a plan to provide support to the German banking industry when the Greek government is unable to meet the conditions of loan aid and default on its debts. Merkel,
Stark announced today that he had resigned from his position in the Executive Committee of the European bank. He had privately protested the bank's plan to buy government bonds, which was expanded last month to include government bonds in Spain and Italy.
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