G-7 to Keep ‘Feet on the Accelerator’ in Quest for Recovery
Bloomberg.com
By Simon KennedyApril 24 (Bloomberg) — Finance chiefs from the Group of Seven meet today under pressure to ensure the green shoots of economic recovery take stronger root.
Unemployment, deflation and toxic bank assets still stand in the way of a permanent rebound from the deepest recession since World War II. While some reports signal the worst is over, investors want the G-7’s central bankers and finance ministers to maintain stimulus policies until expansion is assured.
“Policy makers have to keep their feet on the accelerator,” said Tim Adams, a former U.S. Treasury official and now managing director at the Lindsey Group, an investment consulting firm in Fairfax, Virginia. “It’s way too early to say we’re in a sustainable recovery.”
Treasury Secretary Timothy Geithner, European Central Bank President Jean-Claude Trichet and their G-7 colleagues gather in Washington two days after the International Monetary Fund cut its forecasts for each of their economies. As global stocks head for their first weekly decline in seven, the IMF predicts the global recession to be deeper and the recovery slower than it anticipated in January.
The G-7 will release a statement about 4:30 p.m. Washington time today and officials will speak to reporters afterwards. They will later meet counterparts from the Group of 20 nations.
read full article here… G-7 to Keep Feet on the Accelerator in Quest for Recovery – Bloomberg.com.
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