French minister calls for more US consultation with G7

PARIS, Feb 5, 2008 (AFP) – Europe will press the United States to show “more cooperation” in dealing with the global financial crisis at a weekend meeting of top finance officials, France’s European minister said Tuesday.

“It would have been better if there was a more cooperative attitude — exchanges between treasuries, central banks, fewer unilateral movements before the G7 meetings,” Jean-Pierre Jouyet told AFP in an interview, referring to two recent interest rate cuts by the US Federal Reserve.

Finance ministers and central bank chiefs from the Group of Seven leading economies gather in Tokyo on Saturday for a one-day meeting.

Slumping global stock markets and fears of a US recession are set to dominate the meeting, but analysts see little chance of any coordinated remedial action.

According to Jouyet, European nations will together press the United States on further cooperation.

“What is troubling with the American attitude is that it can panic the markets,” he said.

Jouyet, however, did not question the principle behind US President George W. Bush’s incentive plan nor that of the interest rate cuts since “all serious consequences from the subprime crisis on the real economy must be avo