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G7 Financial Leaders Discuss Boosting Global Recovery

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Finance ministers from the Group of Seven industrialized nations, also known as the G7, have ended a two-day meeting with a recognition that austerity measures have to be balanced with policies to boost growth.

The officials from the United States, Canada, Germany, France, Japan, Britain and Italy were meeting at Hartwell House near London.

The officials also agreed on the importance of finding measures to deal with failing banks and working collectively to stop companies and individuals from dodging their tax bills.

Summing up the meeting, host British Chancellor George Osborne said all G7 members had agreed "on the importance of collective action to tackle tax avoidance and evasion."

Bad banking practices around many parts of the world were behind the financial explosion in 2008, which sent the world economy skidding towards its deepest recession since World War II.

Osborne said it was important to swiftly complete work to make sure that no bank is too big to fail.

All participants at the meeting said boosting economic growth was a priority now that financial markets appear to have calmed down, especially with regard to the debt crisis that has gripped the 17-country Eurozone.

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