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(CEP News) - A draft of the G7 statement released Friday said the global economy should recover later this year, but noted there are some downside risks.
The statement released out of Washington by finance ministers from the worlds leading industrialized nations said there are some signs of economic stabilization appearing, and that the pace of economic decline is beginning to slow. The communiqué criticized volatile moves in FX markets as a culprit for economic and financial instability, but also welcomed China's recent steps to be more flexible on the yuan exchange rate. The seven world leaders, from France, Germany, Italy, Japan, United Kingdom, Canada and the United States, pledged to act together to restore job growth and to prevent future economic meltdowns of the kind seen last year. They also agreed to refrain from protectionist policies and barriers to investment. U.S. Treasury Secretary Timothy Geithner will give a press briefing at 4:30 p.m. EDT on Friday at the conclusion of the G7 meeting. Following this speech, the G20 will meet Friday evening as a follow-up to the London summit held earlier this month. By Megan Ainscow,
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