2008 G7 Finance Ministers Prospects

G7 Finamce Ministers Prospects

Jenilee Guebert
Senior Researcher, G8 Research Group
October 15, 2007

This report on the "G7 Finance Ministers Prospects" is compiled by the G8 Research Group, largely from public sources, as an aid to researchers and other stakeholders interested in the 2007-2008 G7 Finance Ministers meetings. It will be updated periodically as more information becomes available about the G7's Finance Ministers agenda, plans, preparations and prospects.

Introduction: G7 Prospects

The G7 will have its next meeting in Washington D.C., on October 19, on the sidelines of the annual meetings of the International Monetary Fund and the World Bank, taking place October 20-21. Ministers and other interested parties continue to put forth ideas about what should be discussed at the upcoming meetings. Sources to date suggest that Financial Market Stability and Transparency, Currency Markets, Exchange Rates and Monetary Policy, and U.S. Subprime Mortgages will be a prominent part of the G7 focus.

Agenda

A senior Japanese official said that the "Group of Seven financial chiefs will discuss ways to stabilize the unsettled global financial markets when they huddle for their regular meeting in Washington in mid-October."[1] (September 21, 2007, Kyodo News)

Naoyuki Shinohara, Japan's Vice Finance Minister for International Affairs, and also Japan's top currency official, suggested that the G7 finance ministers would explore "comprehensive measures in a relatively long time frame rather than scramble for a makeshift remedy."[2] (September 21, 2007, Kyodo News)

German Finance Minister Peer Steinbrueck said "Financial market transparency will be a major topic for discussion when the G7 meet in Washington at the end of October."[3] (September 18, 2007, New Zealand Press Association)

Financial Market Stability

With markets showing signs of recovery from the dilemma that reached its peak in August, finance minister may be ready to step back and compare notes on how the turbulence was addressed in different areas, and how they might better work together to prevent the next "crisis."[4] (October 15, 2007, The Globe and Mail)

Japan's Finance Minister said that at the upcoming meeting it will be "necessary to share information and work toward maintaining a stable global market."[5] (September 27, 2007, Dow Jones International News)

Canada's Finance Minister, Jim Flaherty said that "Leading financial regulators from around the world are drawing up reform proposals to help Group of Seven countries to avoid a repeat of this summer's credit-crunch-inspired market turmoil."[6] (September 22, 2007, The Globe and Mail)

Naoyuki Shinohara, the Vice Finance Minister for International Affairs for Japan, said that "The G7 will debate various policy issues to restore stability in global financial markets based on a report to be submitted to the Financial Stability Forum (FSF), which advises the G7."[7] (September 21, Kyodo News)

Financial Market Transparency

Sources have said that the G7 finance ministers will press for greater transparency among rating agencies at a G7 meeting later this month.[9] (October 9, 2007, Reuters News)

Peer Steinbruek, the Finance Minister from Germany, was continuing to push for "more transparency in global financial markets." He went on to say, more specifically, that he is pushing for "greater transparency in hedge funds." [10] (September 26, 2007, Dow Jones International News)

Steinbruek, the Finance Minister from Germany, said that "Financial market transparency will play a major role [at the upcoming G7 meeting.]"[11] ( September 18, 2007, New Zealand Press Association)

U.S. Subprime Mortgages

After default loans on U.S. subprime mortgages exposed lax lending standards worldwide, there was a tightening of credit that roiled financial markets, forcing the finance ministers of the G7 to examine their own policies.[12] (October 15, 2007, The Globe and Mail)

Critics have blamed ratings agencies for failing to spot risks created by subprime mortgage loans in the U.S.[ 13] (October 9, 2007, Dow Jones International News)

Sources suggest that G7 finance ministers will discuss how "financial market turmoil stemming from the subprime upheaval will impact the global economy."[14] (October 6, 2007, Jiji Press English News Service)

Japanese Finance Minister, Fukushiro Nukaga said that the G7 "would likely discuss U.S. subprime mortgage woes and share information on the topic in its October meeting."[15] (September 27, 2007, Dow Jones International News)

The Vice Finance Minister for International Affairs for Japan said that there will undoubtedly be a joint statement released, after the upcoming October meeting, about U.S. subprime mortgage woes. He also indicated that they would be discussed in the future as well, respectively in February and April- their next scheduled meetings. [16] (September 21, 2007, Kyodo News)

Risk Management in Complicated Financial Products

The Japanese Vice Finance Minister for International Affairs believed the G7 finance ministers were likely to discuss risk management in complicated financial products.[17] (September 21, 2007, Kyodo News)

Accounting of Structured Products

Japan's Vice Finance Minister for International Affairs believed the G7 finance ministers were likely to discuss how to treat structured products in accounting.[18] (September 21, 2007, Kyodo News)

Credit Rating Agencies and Securitized Products

German Finance Minister Peer Steinbruek said that the role of credit-rating agencies will be discussed.[19] (October 15, 2007, The Globe and Mail)

The United States and Europe will be at odds over touchy issues such as the soaring euro and whether or not credit-rating agencies should be more tightly regulated. "Europe has pushed for greater oversight of the agencies, but Washington has shown no inclination to tighten regulation because a law giving the U.S. Securities and Exchange Commission oversight responsibility just went into effect."[20] (October 15, 2007, The Globe and Mail)

After meeting in Luxembourg with the other 13 euro-sharing finance ministers, France proposed a slew of measures to improve transparency and accountability in financial markets, including stronger regulation for ratings agencies and lenders, standardization of securities, and a code of conduct for hedge funds. Critics have blamed ratings agencies for failing to spot risks created by subprime mortgage loans in the U.S. President Jean-Claude Trichet last month wrote a letter to the European Parliament suggesting that new rules for ratings agencies might be an option.[21] (October 9, 2007, Dow Jones International News)

Sources have said that the G7 finance ministers will press for greater transparency among rating agencies at a G7 meeting later this month. Agencies such as Moody's, Standard & Poor's and Fitch have come under criticism for failing to issue timely warnings about risks associated with the U.S. subprime lending market. "One idea would be to have ratings based not only on creditworthiness but also on liquidity," the source said.[22] (October 9, 2007, Reuters News)

Naoyuki Shinohara, Japan's Vice Finance Minister for International Affairs, believed the G7 finance ministers would discuss the role of credit-rating agencies in securitized products at the upcoming meetings in Washington.[23] (September 21, 2007, Kyodo News)

Supervision of Financial Entities Dealing with Securitized Products

The Vice Finance Minister for International Affairs of Japan thought that G7 finance ministers were likely to discuss appropriate supervision of financial entities dealing with securitized products.[24] (September 21, 2007, Kyodo News)

Currency Markets, Exchange Rates and Monetary Policy

When the G7 met for their last meeting, currency concerns, particularly China's policy of restraining a rise in the yuan, were on its agenda. The same issues will remain on its upcoming agenda in Washington, D.C. on October 19. While there will be an agreement that China must loosen its grip on the yuan, the U.S. and Europe will remain at odds over the soaring euro. [25] (October 15, 2007, The Globe and Mail)

There is speculation that the G7 finance ministers will act on the weak U.S. dollar at their upcoming meeting in Washington, D.C. on October 19. President Bush said "Secretary Paulson, of course, is our main spokesman on this issue, and he reflects the view of this administration that the strong dollar policy is the correct policy. And we also believe that the best way for a currency to become valued is through the market. É The policy of the U.S. government, when it comes to the dollar, is a strong dollar policy, and that the currency - the value of the currency - needs to be set by the market."[26] (October 15, 2007, The Globe and Mail)

U.K. Chancellor of the Exchequer Alistair Darling said finance ministers and central bankers from the G7 should focus on long-term structural problems and freeing trade, rather than foreign exchange rates.[27] (October 10, 2007, Dow Jones Capital Market Reports)

After meeting in Luxembourg, officials from the 13 nations that use the euro appear to differ on how to respond to the currency's rally, which French president Nicolas Sarkozy says threatens to hurt an economy already confronted by a rise in credit costs over the past two months. While Ms. Lagarde said last week that she would push for the central bank to sell euro, ECB president Jean-Claude Trichet has so far refused to signal increased concern about the currency.[28] (October 9, 2007, Irish Times)

Outgoing International Monetary Fund (IMF) managing director Rodrigo Rato appeared to endorse European concerns about the decline in the dollar; a subject that threatens to be a cause of discord at the Group of Seven summit and IMF annual meeting this month. Rato said the dollar was now "undervalued" on many measures - an unusually bold assessment. He warned against excess volatility in currency markets. "What we would like to see is not sudden changes," he said.[29] (October 9, 2007, Irish Times)

European Union finance ministers who are meeting in Luxembourg seem to have concluded that the U.S., China and Japan all need to strengthen their currencies to help balance out the euro. Sources said that it is likely that the U.S. will resist any push by the U.K., France, Italy and Germany, Europe's representatives in the G7, to include language about a strong dollar in the group's final statement. But the U.S. and Europe both agree China should let the yuan float more freely.[30] (October 8, 2007, Dow Jones International News)

German's Finance Minister has reiterated that he prefers a strong euro to a weak one.[31] (October 8, 2007, AFX International Focus)

European Central Bank Executive Board Member Lorenzo Bini Smaghi said that interested parties do not need to wait until the G7 meeting in Washington to do something about the euro.[32] (October 7, 2007, Dow Jones International News)

As the euro continues on a "record-smashing run," eurozone members are becoming increasingly impatient with the U.S., Japan, and China as they do little to strengthen their currencies.[33] (October 6, 2007, Agence France Presse)

French President Sarkozy said the debate about the euro and dollar is "open," while Italian Prime Minister Prodi continues to acknowledge that he is "concerned" about the euro and wants the U.S. to take more than just "domestic interests" into consideration.[34] (October 6, 2007, Agence France Presse)

German Finance Minister Peer Steinbruek has been relatively silent recently about "taking a harder line on exchange rates," but has said in the past that he "loved" a strong euro.[35] (October 6, 2007, Agence France Presse)

Analysts at the Italian bank Unicredit doubted that the G7 would have much effect on currencies, even if European ministers could convince their counterparts to discuss the issues.[36] (October 6, 2007, Agence France Presse)

At the upcoming meeting in Washington, the G7 finance ministers will not intervene in foreign exchange markets to depreciate the euro against the dollar, says an unidentified source of the G7.[37] (October 5, 2007, AFX International Focus)

Eurozone policymakers are planning to urge the US and other countries to take a strong stance against exchange rate volatility in an effort to stop the dollar's decline against the euro at the upcoming G7 meeting in Washington, D.C., according to European officials. The thirteen finance ministers of eurozone plan to "forge a common position" in Luxembourg when they meet on October 15.[38] (October 3, 2007, Financial Times)

Jean-Claude Junker, chairman of eurozone, said that the rising euro "tends to worry [eurozone] a lot" and that it is no longer acceptable that Europe is bearing the majority of "the consequences of the existing global imbalance."[39] (October 3, 2007, Financial Times)

While Europe is focused on the U.S., the United States seems keen to highlight the need for China to accept more flexibility in its exchange rate regime and address the issue of its vast current account surpluses.[40] (October 3, 2007, Financial Times)

Trichet, President of the European Central Bank, said he had "noted with extreme attention that the US Treasury secretaryÉthe Federal Reserve have said a strong dollar is in the US interest."[41] (October 3, 2007, Financial Times)

Italian Prime Minister Romano Prodi was reportedly concerned with the strong euro, and shared those concerns with German Chancellor Angela Merkel. Even with Prodi's concerns he stated that he does not "give advice to the European Central Bank (ECB)É whose independence should be respected."[42] (October 3, 2007, Agence France Presse)

European politicians and business-persons are concerned with the European currency. A leading pan-European business lobby said that the euro has reached its "pain threshold" and that the currency should be re-evaluated at the upcoming G7 meeting. BusinessEurope President Ernest-Antoine Seillier said to Jean-Claude Juncker, the chairman of Eurogroup, that he also agreed that the euro exchange rate had reached a "pain threshold" for European companies."[43] (October 3, 2007, Dow Jones International News)

Jean-Claude Trichet, President of the ECB, departed from his "previous practice of sticking to the wording of G7 communiques on the undesirability of exchange rate volatility, and stressed that he 'refers to the words of the U.S. Treasury Secretary, not to the G7 statement.'"[44] (October 2, 2007, Market News International)

The President of the ECB stated that a 'strong dollar' is in the U.S. interest.[45] (October 2, 2007, Dow Jones Capital Markets Report)

French Finance Minister Christine Lagarde said she wanted the "euro zone finance ministers to prepare what she described as 'a common initiative' on the issue of the euro's exchange rate and said she hoped to convince all countries to share France's position."[46] (October 2, 2007, Market News International)

It was recently released that the euro's exchange rate would be discussed at the forthcoming eurogroup meeting in Luxembourg on October 8. During this time, it has been speculated that ministers will prepare a common eurogroup position to take into the G7 and it has been inferred that they may push for stronger G7 language on exchange rates.[47] (October 2, 2007, Market News International)

The UK Treasury confirmed that it has not talked with its G7 partners on foreign exchange policy. (October 2, 2007, Market News International)

European members of the G7 "are at odds over whether to acknowledge public concerns over the weak dollar at the G7's October 19-20 meeting in Washington."[48] (September 28, 2007, Dow Jones International News)

A number of individuals, who plan to be involved in the upcoming G7 meetings said that there appears to be "early consensus that the Chinese yuan will receive a mention in the G7 communique."[49] (September 28, 2007, Dow Jones International News)

Japan's Finance Minister said that he did not believe that current foreign exchange moves needed to be discussed at the upcoming meetings.[50] (September 27, 2007, Dow Jones International News)

Canadian Finance Minister Jim Flaherty said that even though the Canadian dollar's value has recently been run-up, there is nothing to worry about; he said that "it is more of a reaction to bearish sentiment toward the U.S. dollar."[51] (September 22, 2007, The Globe and Mail)

Japan's Vice Finance Minister for International Affairs, Shinohara said that he "sees 'high volatility' in the currency markets."[52] (September 21, 2007, Kyodo News)

Balanced Budgets and Fiscal Policy

Germany's Finance Minister said that "the promises of euro-zone finance ministers to balance their government's budgets by 2010 shows a commitment to solid finance." Germany and France have sparred several times in recent weeks over French requests to be given until 2012 to balance its budget.[53] (September 26, 2007, Dow Jones International News)

German Finance Minister Peer Steinbrueck said that "Germany's public-sector deficit is expected to shrinkÉ [and that they] will possibly have a budget balance slightly above zero next year." However, he also added that he was not "totally sure."[54] (September 18, 2007, New Zealand Press Association)

Global Economic Growth

U.S. Deputy Treasury Secretary Robert Kimmitt said global imbalances - blamed largely on a gaping U.S. trade deficit and China's currency stance - would be discussed at the October 19 meeting in Washington, D.C.[55] (October 15, 2007, The Globe and Mail)

The communiqué that comes out of the G7 finance ministers October 19 meeting in Washington will likely mention growing global economic strains and the tricky task of insulating economies from the credit crunch without "unleashing the spectre of future inflation."[56] (October 15, 2007, The Globe and Mail)

The International Monetary Fund (IMF) plans to cut its economic growth forecasts for the U.S. and much of the developed world.[57] (October 15, 2007, The Globe and Mail)

The G7 finance ministers are expected to share the view that the global economy is still on a growth track.[58] (October 6, 2007, Jiji Press English News Service)

A recent OECD report suggested that the outlook for economic growth in the G7 has weakened and expansion in the 30-nation OECD area will "cool."[59] (October 5, 2007, Reuters News)

Japanese Finance Minister Fukushiro Nukaga said that, "As the U.S. economy is deeply linked to the Japanese and other Asian economies, its development must be carefully watched." He went on to note that "G7 leaders must share information toward 'building a market that provides reassurance to investors.'"[60] (September 27, 2007, Dow Jones International News)

A senior official said "the housing slowdown in the U.S. and the capital markets turbulence we're going through right not will take a penalty to our growth, but, again, we're diverse and I'm very comfortable that we're going to continue to grow through this year."[61] (September 22, 2007, The Globe and Mail)

Trade

European Union exports to the United States dropped 21% in August from July and dropped 12.9% from January to August, 2006, to January to August, 2007.[62] (October 15, 2007, The Globe and Mail)

U.K. Chancellor of the Exchequer Alistair Darling said finance ministers and central bankers from the G7 should focus on long-term structural problems and freeing trade, rather than foreign exchange rates.[63] (October 10, 2007, Dow Jones Capital Market Reports)

Sovereign Investment

The U.S. government believes that sovereign wealth funds have an important impact on global financial markets and that they need to be monitored in Asia and the Middle East as they continue to grow. The U.S. will urge the G7 finance ministers to strengthen the surveillance of state funds controlled by governments in Asia and the Middle East.[64] (October 5, 2007, Nikkei Report)

Structural Reform

Germany is pushing for more "integrated European markets." Peer Steinbruek, the German Finance Minister, argued that they should be a prerequisite for future E.U. success."[65] (September 27, 2007, Dow Jones International News)

Other

Because China is holding its Communist Party Congress this week, it is not expected to send top-level representatives to the G7 finance ministers meeting in Washington on October 19.[66] (October 15, 2007, The Globe and Mail)

Process: The Meeting

The US Treasury confirmed Tuesday that the next meeting of G7 finance ministers would occur on October 19 in Washington ahead of weekend meetings of the World Bank and the IMF, which will be held October 20-21.[67] (October 9, 2007, Agence France Presse)

According to the Vice Finance Minister of Japan, the G7 will meet in February and April 2008.[ 68] (September 21, 2001, Kyodo News)

Representatives from the Japanese government released information on ministerial meetings to journalists covering the Heiligendamm summit. They indicated that Finance Ministers would meet from June 13-14 in Osaka. (June 6, 2007)

Financial Data

Interest Rates

The Bank of Canada is expected to hold interest rates steady from October 15 to October 16, 2007, and with the Canadian dollar at a 31-year high, one can expect to hear a statement that attempts to "cool" things down. The future market is indicating a yield of 4.86% compared with the Bank of Canada target of 4.5%.[69] (October 15, 2007, The Globe and Mail)

Growth Rates

The euro struck a historic high of 1.4283 dollars.[70] (October 6, 2007, Agence France Presse)

The Paris-based Organisation for Economic Cooperation and Development (OECD) said its Composite Leading Indicator (CLI) for the G7 area fell to 105.5 in August from 106.3 in July, while the CLI for the OECD area fell to 109.6 in August from 106.3 in July. (The CLI is complied from a wide range of short-term economic indicators, about 5-10 from each country. Figures available 3 days before the official release date are generally factored into the calculation.) The CLI for the U.S., Japan and the 13-nation euro area fell for the same period as well.[71] (October 5, 2007, Reuters News)

The six-month rate of expansion (a less volatile measure) for the G7 fell from 1.8% in July to 0.2% in August.[72] (October 5, 2007, Reuters News)

G7 Ministers and Officials

Notes

1 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

2 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

3 New Zealand Press Association, (September 18, 2007), "G7 to Address Market Transparency - German FinMin."

4 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

5 Dow Jones International News, (September 27, 2007), "Japan Nukaga: G7 to Work Toward Stabilizing Markets."

6 The Globe and Mail, (September 22, 2007), "Finance leaders to tackle credit crunch."

7 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

8 Dow Jones International News (October 9, 2007), "France Suggests Steps to Avoid Future Credit Crisis."

10 Dow Jones International News, (September 26, 2007), "German Fin Min Calls Anew for Hedge Fund Self Regulation."

11 New Zealand Press Association, (September 18, 2007), "G7 to Address Market Transparency - German FinMin."

12 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

13 Dow Jones International News (October 9, 2007), "France Suggests Steps to Avoid Future Credit Crisis."

14 Jiji Press English News Service (October 6, 2007), "Suprime Fallout Seen High on the G7 Agenda."

15 Dow Jones International News, (September 27, 2007), "Japan Nukaga: G7 to Work Toward Stabilizing Markets."

16 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

17 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

18 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

19 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

20 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

21 Dow Jones International News (October 9, 2007), "France Suggests Steps to Avoid Future Credit Crisis."

23 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

24 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

25 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

26 The Globe and Mail (October 15, 2007), "U.S. unlikely to heal G7's greenback wounds."

27 Dow Jones Capital Market Reports (October 10, 2007), "UK Darling: G7 Meeting Should Focus On Trade, Not FX."

28 Irish Times (October 9, 2007), "Finance ministers fail to agree on euro appreciation."

29 Irish Times (October 9, 2007), "Finance ministers fail to agree on euro appreciation."

30 Dow Jones International News (October 8, 2007), "EU Fin Mins Target China, US Dollar, Yen."

31 AFX International Focus (October 8, 2007), "Germany's Steinbruek says a strong euro is better than a week one."

32 Dow Jones International News (October 7, 2007), "ECB Bini Smaghi: Euro Rate Action Need Not Wait For G7."

33 Agence France Presse (October 6, 2007), "Eurozone to prepare tougher line for G7 meeting."

34 Agence France Presse (October 6, 2007), "Eurozone to prepare tougher line for G7 meeting."

35 Agence France Presse (October 6, 2007), "Eurozone to prepare tougher line for G7 meeting."

36 Agence France Presse (October 6, 2007), "Eurozone to prepare tougher line for G7 meeting."

37 AFX International Focus (October 5, 2007), "G7 nations to refrain from interventions to depreciate euro-report."

42 Agence France Presse, (October 3, 2007), "Prodi 'concerned' over strong euro, slams US."

43 Dow Jones International News, (October 3, 2007), "Business Lobby Says Euro Has Reached 'Pain Threshold.'"

44 Market News International, (October 2, 2007), "Analysis: Unclear Whether Mkts, Fx To Temper ECB Bullishness."

45 Dow Jones Capital Market Reports, (October 2, 2007), "FX Analytics Focus: G7 Dollar Bailout?"

46 Market News International, (October 2, 2007), "French Finmin: U.S. Must Stress Strong Dollar Policy: Press."

47 Market News International, (October 2, 2007), "French Finmin: U.S. Must Stress Strong Dollar Policy: Press."

48 Dow Jones International News, (September 28, 2007), "G7 Divided on Adding Dollar to Oct 20 Communique-Sources."

49 Dow Jones International News, (September 28, 2007), "G7 Divided on Adding Dollar to Oct 20 Communique-Sources."

50 Dow Jones International News, (September 27, 2007), "Japan Nukaga: G7 to Work Toward Stabilizing Markets."

51 The Globe and Mail, (September 22, 2007), "Finance leaders to tackle credit crunch."

52 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

53 Dow Jones International News, (September 26, 2007), "German Fin Min Calls Anew for Hedge Fund Self Regulation."

54 New Zealand Press Association, (September 18, 2007), "G7 to Address Market Transparency - German FinMin."

55 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

56 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

57 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

58 Jiji Press English News Service (October 6, 2007), "Suprime Fallout Seen High on G7 Agenda."

59 Reuters News (October 5, 2007), "OECD G7 leading indicator falls in August."

60 Dow Jones International News, (September 27, 2007), "Japan Nukaga: G7 to Work Toward Stabilizing Markets."

61 The Globe and Mail, (September 22, 2007), "Finance leaders to tackle credit crunch."

62 The Globe and Mail (October 15, 2007), "U.S. unlikely to heal G7's greenback wounds."

63 Dow Jones Capital Market Reports (October 10, 2007), "UK Darling: G7 Meeting Should Focus On Trade, Not FX."

64 Nikkei Report (October 5, 2007), "U.S. To Call for Tighter Oversight Of Sovereign Funds at G-7."

65 Dow Jones International News, (September 26, 2007), "German Fin Min Calls Anew for Hedge Fund Self Regulation."

66 The Globe and Mail (October 15, 2007), "Full load of hot topics await finance officials: G7, IMF, World Bank hold meetings this week in Washington."

67 Agence France Presse (October 9, 2007), "US Treasury says G7 meeting set for October 19."

68 Kyodo News, (September 21, 2007), "G-7 to debate ways to stabilize financial markets."

69 The Globe and Mail (October 15, 2007), "Bank of Canada looks to cool currency."

70 Agence France Presse (October 6, 2007), "Eurozone to prepare tougher line for G7 meeting."

71 Reuters News (October 5, 2007), "OECD G7 leading indicator falls in August."

72 Reuters News (October 5, 2007), "OECD G7 leading indicator falls in August."

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