G7 meeting taking place in Marseille

Friday 09 September 2011 22.21
French Finance Minister Francois Baroin is against a one-size-fits-all solution
French Finance Minister Francois Baroin is against a one-size-fits-all solution

G7 finance ministers meet today in the French city of Marseille under pressure to take action to revive economic growth in the world's richest industrialised nations and to calm the confidence crisis in international markets.

France has called for a coordinated response amid mounting concern over Europe's debt crisis.

Differences between the economic problems facing the United States, eurozone countries and Britain are reported to be complicating the task.

No statement will be issued after the talks, something French Finance Minister Francois Baroin said would make for freer discussions.

He told the daily newspaper Le Figaro that each G7 country should adopt economic measures to suit its situation.

"In terms of the direction to take between stimulus and budgetary consolidation, some are in favour of a uniform action," Mr Baroin said.

"For my part, my tendency is to look for what is most adapted to each country's situation."

The G7 finance ministers and central bankers will sit down from mid-afternoon in the Mediterranean port city of Marseille, with the faltering economic recovery, the eurozone debt crisis and the stability of the banking sector the issues of the day.

A working dinner will be followed by briefings from around 9.15pm local time (8.15pm Irish time) by the French, German and Japanese delegations and European Central Bank President Jean-Claude Trichet.

US Treasury Secretary Timothy Geithner said ahead of the talks that it was "imperative" to bolster growth and the OECD called for "strong signals" from the G7 and urged central banks to keep interest rates low and consider other forms of monetary easing.