G7 nations discussing market-stabilising measures: report

TOKYO, Aug 17, 2007 (AFP) – The Group of Seven industrialised nations have begun discussing measures to cope with plunging stock markets and wild foreign exchange fluctuations caused by US credit turmoil, a press report said Friday. Japan’s finance ministry was unable to confirm or deny the report. Britain, Canada, France, Germany, Italy, Japan and the United States are considering an emergency meeting of their finance ministers and central bankers to try to help stabilise the markets, Japan’s Jiji Press said.

Another option is to issue a joint statement without a meeting, but the G7 nations are cautious that such moves could further fuel investor anxiety, the report said without naming its sources.

French Economy Minister Christine Lagarde on Thursday said that G7 finance chiefs could gather before their next scheduled meeting in October if needed.

But there has been no specific proposal as yet for an emergency meeting, Jiji quoted a senior Japanese finance ministry official as saying.