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Finance ministers formulate credit crisis response

 Finance ministers formulate credit crisis response
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Finance ministers from Europe’s four largest economies are calling for greater market transparency, full disclosure of losses and better coordination among supervisory bodies in response to the recent global credit crisis.

The ministers from Germany, France, Britain and Italy met in Paris, along with EU Economic and Monetary Affairs Commissioner Joaquin Almunia, and said Europe’s economy is fundamentally sound.

They also voiced the hope that growth in emerging market economies would help to offset the impact of a slowdown in the United States.

The gathering touched on some themes that will be discussed by all the EU finance ministers when they meet next week. According to a draft document of topics obtained by the news agency Reuters, European Commission experts expect growth in the region to remain near potential this year and next, but feel high oil and commodity prices have increased risks to that growth.