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G7 Pledges to Support Financial Stability

Updated from 10:42 a.m. EDT with G7 pledge to support financial stability

NEW YORK ( TheStreet) -- Group of Seven nations pledged Sunday to use all necessary measures to promote financial stability, the Associated Press reported.

Financial officials from the world's most important economies held urgent talks on the markets Sunday in the wake of Standard & Poor's downgrade of the U.S.'s credit rating and as concerns mounted about the stability of eurozone economies like Italy and Spain.

Deputy financial officials from the Group of 20 countries spoke over the phone Sunday about ways to contain market shocks, South Korea's central bank said in a statement Sunday, the Associated Press reported.

The Bank of Korea said these officials planned to continue pursuing a coordinated strategy. South Korea is a member of the G20, which includes advanced and emerging economies.

Meanwhile, officials from the G7 economies had planned discussions before Asian markets opened Monday morning, the AP said.

U.S. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke took part in the G7 discussion, the AP reported.

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The concern was that the downgrade of the U.S. would rock markets that were already on tenterhooks because of weak U.S. economic data and continuing problems in Europe.

This article was written by a staff member of TheStreet.

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