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Ahead of the G7 Finance Ministers and Central Bank Governors meeting in Tokyo on 9 February Under Secretary David McCormick in outlined the discussions which will include current conditions and financial market developments, the international financial institutions, development issues, and climate change. A good part of the G-7 meeting will be devoted to the policy response to recent financial market turmoil.
“2008 will pose a more challenging economic environment for policymakers”, McCormick said. Mario Draghi, head of the Financial Stability Forum, will brief the ministers and governors on the FSF's interim findings regarding the causes of the turbulence and areas for policy consideration. “We look forward to discussing the FSF findings with our colleagues and to providing guidance to the FSF as it continues its work. In April, the FSF will provide the G-7 with another update on its progress in formulating policy recommendations.”
Other issues under discussion will also include cross-border investments and sovereign wealth funds.