Finance ministers and central bank governors from the Group of Seven leading industrial nations held a conference call to discuss the financial crisis in the eurozone, and its implications for the global economy.
The US Treasury said the officials “reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe”.
Amadeu Altafaj, the European Commission’s economic spokesman, said the call would be one of a series of such contacts to “inform our international partners of the state of play of our crisis response”. Mr Altafaj said the Commission would participate on the call to lay out the EU’s response to continuing fiscal problems, banking instability and how to return the region to economic growth.
Jim Flaherty, Canada’s finance minister, said: “The real concern right now is Europe of course”. He said the issues were “the weakness of some banks in Europe, the fact they are undercapitalised, the fact the other European countries in the eurozone have not taken sufficient action yet to address those issues of undercapitalisation of banks and building an adequate firewall”.
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