Finance officials from major industrial countries, seeking to calm nervous global markets, pledged Sunday, August 7, to increase cooperation on attacking economic problems.
The officials from the Group of Seven industrial countries issued a joint statement late Sunday saying they were prepared to take all necessary measures to support financial stability and growth. "We are committed to addressing the tensions stemming from the current challenges on our fiscal deficits, debt and growth," the group said.
The G-7 statement came after the group held an emergency conference call to discuss the debt crisis in Europe and market prospects following the announcement of the first-ever downgrade of the credit rating of the U.S. government.
The G-7 statement also took note of developments regarding the debt crisis in Europe and said the focus should be on "quick and full implementation of the agreements" that have been reached to deal with debt burdens in countries facing problems.
On Sunday, the European Central Bank said it would "actively implement" a bond purchase program aimed at supporting Spanish and Italian bonds by driving down interest rates that have threatened both countries.
The G-7 statement also said the group would be alert for any indications of "excess volatility and disorderly movements" in exchange markets. "We will consult closely in regard to actions in exchange markets and will cooperate as appropriate," the G-7 said, the Associated Press reported.
The G-7 countries are the United States, Japan, Germany, France, Britain, Italy and Canada.
