The Group of Seven (G7) finance ministers – which includes representatives from France, Germany, Canada, Italy, Japan, UK and USA – conceded on Friday that turmoil in global financial markets has become more “protracted” than earlier anticipated.
While the group said they remained positive about the long-term resilience of global economies, it agreed that the near-term prospects for the global economy had indeed weakened.
To weather the near-term consequences of the turmoil, the group said it welcomed and strongly endorsed recommendations put forward by the Financial Stability Forum (FSF).
The FSF’s recommendations included strengthening authorities’ responsiveness to risks, robust arrangements for dealing with financial system stress as well as strengthened prudential oversight of capital, liquidity and risk management.
With some initiatives in these areas already underway, the G7 said it remained committed to ensuring the implementation of the recommendations.
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