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G7 money men unite to tackle economic slump

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G7 money men unite to tackle economic slump


The world’s leading financiers have put aside differences to present a united front against looming economic problems.

Many in Europe had expressed alarm that America’s aggressive interest rate cuts might tip the world into a downturn.

Meeting in Tokyo, finance ministers and bankers from the G7 group of countries called for stability in the markets, and acknowledged a common policy in shoring up the system.

The recent subprime credit crisis in the United States rattled confidence worldwide, causing pessimism in housing markets.

Interest rate cuts, led by the Federal Reserve in America, hope to kickstart the economy, by persuading shoppers to continue spending.

The G7 is also worried about oil, which recently touched 100 dollars a barrel before slipping back. Ministers urged OPEC to step up production, to keep prices relatively affordable and ward off a damaging slump.

The meeting addressed the world’s economic headache, but sources said no-one used the R-Word, recession.

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