BREAKING NEWS

G-8 finance chiefs get ready for economic recovery

JUNE 13, 2009 16:05

The Group of Eight industrialized nations have begun preparing for an economic recovery, acknowledging on Saturday "signs of stabilization in our economies" and agreeing to ask the International Monetary Fund to investigate ways to unwind hefty stimulus packages. In a communique released at the end of a two-day meeting, the group's finance officials said that so-called exit strategies from monetary and fiscal stimulus measures - like tax cuts and lower interest rates - were "essential to promote a sustainable recovery over the long term." The ministers said they had asked the IMF to begin analyzing potential strategies to assist with the process. However, ministers from the US, Japan, Germany, France, Britain, Italy, Canada, Russia and the European Union also stressed their commitment to provide any more stimulus the economy might need - as long as it does not threaten to spur inflation or push state budgets further into deficit.

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