G7 Agenda: Growth, Financial Reform, Trade

May 10, 2013

Top finance officials from the Group of Seven economies will discuss ways to nurture the global economic recovery and push ahead with financial reform when they meet on Friday and Saturday, Britain’s finance minister said.

“We will be talking about how to nurture the recovery. There is no doubt that there is greater stability – and that is reflected in financial markets – than perhaps there was last year,” George Osborne told a conference on Thursday.

“But that doesn’t mean we should let up in taking the necessary steps to secure that recovery and ensure that it is a sustainable recovery.”

Osborne, who will chair the meeting in a country house just north of London, said fiscal and monetary policy issues would be discussed at the G7, including recent moves by central banks to try to get their economies moving again.

The Bank of Japan last month stunned markets by aggressively ramping up its bond-buying programme.

The G7 meeting will give Osborne a chance to meet the man he has chosen as the next head of the Bank of England, Mark Carney, who is due to step down as the head of Canada’s central bank on June 1 before moving to London.

On financial reform, the G7 will discuss plans to make the banking system less exposed to the kind of risks that sparked the financial crisis five years ago but which have yet to be fully implemented.

British officials have said the meetings will be informal and there will be no communique.

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