G-7 Ministers Note Economic recovery.(Main News)

Manila Bulletin, June 16, 2002 | Go to article overview

G-7 Ministers Note Economic recovery.(Main News)


HALIFAX, Canada (AFP) Group of Seven finance ministers endorsed signs of recovery in the worlds most advanced economies here in an effort to calm jitters in stock and currency markets, analysts said.

"Things are going reasonably around the world," said Sung Won Sohn, chief economist at Wells Fargo, after the Friday-Saturday meetings spanning less than 24 hours in the Atlantic port city of Halifax.

"They wanted to use that to calm the market and reinforce the positives," Sohn said.

Moreover, the ministers of Britain, Canada, France, Germany, Italy and the United States were on solid ground in proclaiming a global economic upturn, the analysts told AFX-News, AFP's financial subsidiary.

On the currency front, the G-7 finance ministers appeared to endorse the dollar's depreciation this spring, a move that is likely to reinforce the gradual downward trend Monday, they added.

"This will not change the trend: it will not aggravate the dollar's decline, but at the same time will not boost it," said Jin Saito, vice president at the independent analysis firm the G7 Group in Washington.

The G7 ministers were meeting here to set the stage for a summit of leaders from the Group of Eight countries - G7 plus Russia - in Kananaskis, Canada June 26-27.

Europeans appeared to cheer the euro's recovery this spring, with German Finance Minister Hans Eichel and French counterpart Francis Mer both highlighting the anti-inflationary benefits of a stronger euro.

"The euro zone is in favor of a strong euro," Eichel said.

US Treasury Secretary Paul O'Neill reiterated that the United States supported a "strong dollar policy," but analysts said he probably was quite comfortable with the dollar's drop. …

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