G7 debates ways to support global growth
The Group of Seven (G7) advanced economies smoothed over US-European differences at a weekend meeting on how to balance deep austerity measures with ways to support fragile growth.business Updated: May 12, 2013 22:00 IST
The Group of Seven (G7) advanced economies smoothed over US-European differences at a weekend meeting on how to balance deep austerity measures with ways to support fragile growth.
G7 finance ministers and central bank governors also pledged on Saturday their commitment to tackling tax evasion on the second of two days of talks in the English countryside, said George Osborne, finance minister, UK.
The G7 additionally vowed not to intentionally set out to weaken currencies, after the yen on Friday hit its lowest point against the dollar in more than four years.
The US has put pressure on European nations to scale back their spending cuts amid fears they may harm growth, but Osborne said the meeting in Aylesbury, northwest of London, revealed much common ground.
“This meeting confirmed there are more areas of agreement between us on fiscal policy than is assumed,” said Osborne.
French finance minister Pierre Moscovici echoed Osborne's remarks. “The consensus is gaining momentum in the way we balance support for growth and fiscal consolidation.”