G7 Finance Ministers attempt to solve global financial crisis

Finance ministers and Central Banks officials from the group of seven industrialized nations of the world, G7, meet in Washington on Friday, in order to examine the global financial crisis calming plan, as it was suggested by the Financial Stability Forum (FSF) within the group.

Germany, Canada, USA, France, Italy, Japan and the United Kingdom will ask for more transparency on the financial markets and for the improvement of the risk management systems, Reuters informs.

Some 65 very specific recommendations are expected ass a result of the meeting, said David McCormick, deputy of the US Treasury secretary. „I expect the FSF recommendations to be adopted by the participants”, said the Canadian Finance Minister, Jim Flaherty, in a press conference.

Japan Central Bank governor, Masaaki Shirakawa, said that G& must show its clear determination to stabilize the financial system. G7 will also form a surveillance institutions for the world’s most important banks.