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French finance ministry says G7 to discuss currencies

Monday, February 4, 2008

PARIS (Thomson Financial) - Group of Seven finance ministers and central bank governors will discuss recent foreign exchange rate movements, and particularly the strength of the euro, at their meeting in Tokyo on Saturday, a senior French Finance Ministry official said.

Finance Ministry official Christophe Lecourtier told journalists there will be "an interesting round of contributions on exchange rates, which will be of particular interest concerning the euro".

The G7 will focus on the impact of the credit market crisis on the world economy and policy responses that have been made in response to slowing growth, particularly the US Federal Reserve's interest rate cuts and the Bush administration's fiscal stimulus package, he said.

It also will consider possible responses to the financial markets crisis, with the four European G7 members looking for financial institutions to increase transparency on their exposure to structured financial products and to improve liquidity risk management standards. They also want a close examination of the role of rating agencies in the markets crisis.

After the formal part of the G7 meeting, ministers and central bankers will have a dinner meeting with their counterparts from several Asian emerging economies and Russia to discuss the impact of the US economic slowdown on their economies.

The G7 will also hold brief discussions on IMF reform, sovereign wealth funds and climate change, said Lecourtier. The G7 is due to present proposals on the reform of IMF funding at its April meeting in Washington.

Posted by MOHAMED SAID at 7:13 AM  


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