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The conditions in financial markets have improved somewhat in recent months. However, tensions in the financial and credit markets remain, G8 Ministers concluded.
“We are fully committed to completing our strategy, launched last October, for strengthening the resilience of the financial system including implementing recommendations made by the FSF”, Ministers agreed in a statement calling for continuing efforts by financial firms to improve disclosure and risk management practices, and to enhance their capital base as needed.
The IASB is called to accelerate its reviews on off-balance sheet entities and valuation in illiquid markets. Ministers also welcomed the revised IOSCO code of conduct for credit rating agencies,
Statement of the G-8 Finance Ministers Meeting