G-8 Finance Official Discuss Banking Rules |
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June 12,2009
Finance officials from the Group of Eight countries face rifts at their summit Friday over the scope of global banking rules and how to exit massive government-stimulus efforts, even as they acknowledge fledgling signs of an improving economy.
Finance officials from the Group of Eight countries face rifts at their summit Friday over the scope of global banking rules and how to exit massive government-stimulus efforts, even as they acknowledge fledgling signs of an improving economy.
The two-day meeting in the southern Italian city of Lecce, which includes officials from the U.S., Japan, Germany, France, Britain, Italy, Canada, Russia and the European Union, will set the agenda for a meeting of G-8 national leaders in July in L'Aquila outside Rome.
Mounting data suggesting that the world economy has reached bottom are providing grounds for cautious optimism, but also adding pressure on policy makers to map a way out of expansive stimulus policies that could fuel inflation and leave governments heavily in debt.
While Germany is pushing for a discussion of exit strategies to prepare the way out of the crisis smoothly, the U.S. is expected to urge G-8 members to stay the course on economic and monetary stimulus spending despite signs the global recession is easing.
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