Financial Ministers at G7 Meeting Focus on Stabilizing World Economy

Financial ministers from the U.S., UK, Italy, Canada, Germany, Japan and France are attending a G7 meeting in Italy where they are looking to implement policies that would stabilize the world economy and improve the financial markets.

A main focus of the ministers is addressing the dangers of protectionism as they all agreed that failure to encourage free trade would only make things worse.

While all seven ministers agreed on the dangers associated with protectionism there was concern over the recent $787 billion stimulus plan approved by the U.S. Congress that included a “Buy American” clause.

Timothy Geithner, the U.S. Treasury Secretary, downplayed the concerns and pledged support to resolving the problems with eth world economy saying, “all countries need to sustain a commitment to open trade and investment policies which are essential to economic growth and prosperity.’

The ministers have also called for changes to the International Monetary Fund which has struggled to effectively handle the economic crisis that has crippled many countries.

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