The Group of Seven most industrialized nations has strongly rejected
protectionism and vowed to work together to support growth and
In a statement following talks in Rome (Italy) Saturday, finance ministers from "G-7" nations (Britain, Canada, France, Germany, Italy, Japan and the United States) said stabilizing the global economy and markets is their highest priority.
The meeting was held as the world struggles with the worst economic
crisis in decades, which is expected to continue through 2009.
The G-7 finance ministers and central bank chiefs pledged to use the
full range of policy tools to support growth and employment and
strengthen the financial sector.
They reaffirmed its commitment to avoiding protectionism saying such policies would only worsen the economic crisis.
The grouping also stressed the need to support developing countries to
prevent the world's poorest from being the biggest losers in the
The United States was represented by Treasury Secretary Timothy
Geithner who came to Rome a day after the U.S. Congress approved a $787
billion economic stimulus package to revive the U.S. economy.
The ministers endorsed the U.S. and British approach to fixing the
banking system by recapitalizing banks. They urged China to continue to
allow its currency to rise in value to even out the world's massive
The recommendations from the meeting are expected to influence a wider
gathering in April of G-20 leaders -- the G-7 nations plus the world's
most important developing economies including China and India.