14 Feb :Finance leaders from the Group of Seven rich nations called on Saturday for "urgent reforms" of the international financial system, after talks on forging a way out of the world economic crisis.
They vowed to avoid protectionism as they seek to stabilise the tottering world economy and financial markets and said stabilisation of the world economy was their top priority, in a final declaration after two days of talks.
The global crisis "has highlighted fundamental weaknesses in the international financial system and that urgent reforms are needed," it said."The stabilisation of the global economy and financial markets remains our highest priority."
It added, "We reaffirm our commitment to act together using the full range of policy tools to support growth and employment and strengthen the financial sector."
It also reiterated the view of several top delegates that protectionism — when countries take measures that favour their own economies at the expense of others — was a threat to stability.
"The G7 remains committed to avoiding protectionist measures, which would only exacerbate the downturn, to refraining from raising new barriers" to world trade, the statement said.
