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G7 Nations Pledge Continued Stimulus

Financial leaders from the G7 nations say they remain 'mutually committed' to providing stimulus as the global economy continues to recover.
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IQUALUIT, Canada (


) --Finance officials from the Group of Seven nations emerged from their latest meeting saying they would continue to provide the stimulus to which they remain "mutually committed."

In a statement following the gathering on Friday and Saturday, the G7 said, "The global economic situation has, of course, improved and is improving. We do not have a firmly established recovery yet but there are good signs."

The statement also said member nations would start to "look ahead" toward strategies for ending the coordinated stimulus and toward a "more sustainable fiscal track."

The G7 comprises the U.S., Japan, Germany, France, Britain, Italy and Canada,

The leaders gathered in Iqualit, Canada as world markets were reeling from concerns about the increasing debt of European nations like Greece and Spain.

But European leaders reportedly said they were dealing with that situation aggressively.

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"We expect and are confident that the Greek government will make all the necessary decisions," said Jean-Claude Trichet, the European Central Bank president, according to

The Wall Street Journal

, which also quoted him saying European members of the G7 will "continue to monitor closely the implementation of these stability measures."

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The G7 statement also said that member nations were committed to ensuring that when financial institutions cause a financial crisis, they should bear the costs of their contribution to the crisis.

And in the aftermath of Haiti's deadly and destructive earthquake, the statement said that G7 members are committed to the forgiving the island nation's debt. The G7 said it will work with multilateral institutions to make sure that Haiti's debt to them is forgiven as well.

-- Written by a member of the staff.

This article was written by a staff member of