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G8 finance ministers look beyond the crisis

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G8 finance ministers look beyond the crisis


The world’s richest countries are seeing a glimmer of light at the end of the financial crisis, and have begun considering what to do once economies start turning the corner. The G8 finance ministers have been meeting at Lecce in Italy.

They have been talking about how they can remove the massive pillars of government financial support that have been propping up economies worldwide, without triggering a different form of financial collapse. The ministers are to ask the International Monetary Fund to analyse possible exit strategies. A draft communique said “there are increased signs of stabilisation” in the G8 economies, but warned “the situation remains uncertain.” Financial experts are worried that the recent stimulus packages, worth countless billions in public money, will eventually fuel rising inflation and interest rates, so threatening economic recovery. The ministers hope to find a way of reeling-in that public aid when the time is right, without having to tighten budgets or interest rate policies.

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