Finance officials pledge to limit fallout from credit crisis
Finance officials from the world's top economic powers pledged to do all they can to limit damage to the global economy from a jarring credit crisis as Wall Street took another plunge.
By Agencies |
WASHINGTON: Finance officials from the world's top economic powers pledged to do all they can to limit damage to the global economy from a jarring credit crisis as Wall Street took another plunge.
"We remained committed to doing our part in sustaining strong global growth," the finance officials said in a joint statement yesterday. While saying the functioning of global financial markets was improving somewhat, they warned that "uneven conditions are likely to persist for some time and will require close monitoring."
The turmoil that financial markets have suffered through in recent months dominated the Group of Seven discussions, which were hosted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. Besides, the United States, the other members of the G-7 are Japan, Germany, France, Britain, Italy and Canada.
The finance officials did not spell out a specific course of action. Rather, they sought to strike a confident tone that they are on top of the situation. Finance officials also said they will seek to learn the causes and lessons from the turmoil.
"Our response to recent financial turbulence must be based on full analysis of its causes," the officials said in their statement.
Several stores in the upscale George town district boarded up their windows yesterday night in anticipation of possible vandalism by protesters in town for the World Bank and IMF meetings. Some protesters marched through Georgetown to voice opposition to "excessive wealth and privilege," though the protests were about 10 blocks east of the meetings.
"We remained committed to doing our part in sustaining strong global growth," the finance officials said in a joint statement yesterday. While saying the functioning of global financial markets was improving somewhat, they warned that "uneven conditions are likely to persist for some time and will require close monitoring."
The turmoil that financial markets have suffered through in recent months dominated the Group of Seven discussions, which were hosted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke. Besides, the United States, the other members of the G-7 are Japan, Germany, France, Britain, Italy and Canada.
The finance officials did not spell out a specific course of action. Rather, they sought to strike a confident tone that they are on top of the situation. Finance officials also said they will seek to learn the causes and lessons from the turmoil.
"Our response to recent financial turbulence must be based on full analysis of its causes," the officials said in their statement.
Several stores in the upscale George town district boarded up their windows yesterday night in anticipation of possible vandalism by protesters in town for the World Bank and IMF meetings. Some protesters marched through Georgetown to voice opposition to "excessive wealth and privilege," though the protests were about 10 blocks east of the meetings.
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