The finance officials from Group of Seven Industrialized nations & G-20 major economic powers will meet in for spring meetings for IMF and World Bank. The Japanese finance minister’s comments on Forex are as “A joint intervention was conducted by G-7 national on March 18, I would like to express my gratitude and and also ask for their continued support on watching markets and taking necessary actions”. The Japanese minister also showed his concern on earthquake hitting Japan in the recent past; he said that we need money for disaster relief and reconstruction. He said Japan will take medium and long-term steps for improving fiscal health conditions.
Although the economic impacts of the earth quake increased the risks for Japan’s economy. But on the whole Japan’s economy and its financial system have remained stable. Japan will continue to contribute in future towards global growth.
European economic and monetary affairs commissioner Olli Rehn on Greece commented, “We do not see debt restructuring as an option, instead we prefer to engage in revised and updated debt sustainability analysis, which we will do with IMF.
French economic minister said that, G-7 meeting will provide an opportunity to discuss the quake’s impact on Japan and situation in countries like Egypt and Tunisia. We would also like to examine the role played by the European Bank for Reconstruction and Development (EBRD) to make sure that it can play active part in development of economies of these countries.
Other officials have also expressed their concerns about the impacts of earth quake on Japan’s economy and its revival, implementation of structural reforms at Greece. IMF, the Commission and ECB are advised to monitor the performance of Greece against the desired targets. The officials also discussed matters causing global imbalances.