News / Economy

G7 Seeks Ways to Revive Stalled Economic Growth

French Finance Minister Francois Baroin (r) listens to U.S Secretary of the Treasury Timothy Geithner (l) during talks in Marseilles, Sept.9, 2011
French Finance Minister Francois Baroin (r) listens to U.S Secretary of the Treasury Timothy Geithner (l) during talks in Marseilles, Sept.9, 2011
Lisa Bryant

Finance ministers and central bankers of leading industrialized nations are meeting through Saturday in the southern French city of Marseilles to assess how to counter growing financial and economic problems.

The Group of Seven meeting takes place amid warnings that leading industrialized economies risked tipping back into recession and of a growing financial crisis in the 17-nation eurozone.

Speaking at London-based think tank Chatham House before heading to the Marseille talks, International Monetary Fund chief Christine Lagarde said that while each nation faces its own set of problems and solutions, she has one piece of advice for all G7 members.

"At this stage and given the economic circumstances that we're facing, countries and policymakers in those countries around the world must act now, must act boldly and must act together," said Christine Lagarde.

Grim economic news has hit most of the Group of Seven, which include the United States, France, Britain, Italy, Japan, Canada and Germany. A report published Thursday by the Paris-based Organization for Economic Cooperation and Development found growth was stalling in many leading economies.

The Marseilles meeting is expected to tackle Europe's growing debt crisis, which risks dragging in G7 member Italy along with French and German banks. It opened a day after President Barack Obama made a key speech on ways to boost jobs and economic recovery in the United States.

Lagarde said the IMF welcomed Obama's proposals but urged the U.S. to clarify a medium-term plan to put its massive public debt on what she described as "a more sustainable path."  

She also urged more clarity and action among eurozone members.

"If growth continues to lose momentum, balance sheets problems will worsen, fiscal sustainability will be threatened and the scope for policies to salvage the economy will disappear," she said.

Chatham House associate fellow Stewart Fleming, who specializes in international economics, says the Marseilles meeting should offer one lesson.

"The fact is that if banks in Europe get into difficulties, banks in the United States will have difficulties and these difficulties will transmit very quickly to other parts of the transatlantic economy…that doesn't mean they should all offer the same policies," said Fleming. "But there should be some public recognition of a sense of 'we're all in this together.'"

Several North African and Middle Eastern nations are also attending the Marseilles meeting, which will look at ways to relaunch their economies after this year's popular Arab Spring uprising.

You May Like

Video Russia Accused of Abusing Interpol to Pursue Opponents

Report from member of British think tank says Russian extradition requests keep targets from traveling More

US Lawmakers Weigh Turkish Anti-terror Moves

Turkey’s two-pronged campaign against Islamic State militants, Kurdish PKK forces provokes mixed reactions on Capitol Hill More

What Happens When Americans Eat What They Tweet

You are what you tweet, according to new maps that show a correlation between obesity and tweeting about high-fat foods More

This forum has been closed.
Comments
     
There are no comments in this forum. Be first and add one

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
Russia Accused of Abusing Interpol to Pursue Opponentsi
X
Henry Ridgwell
July 28, 2015 9:53 PM
A British pro-democracy group has accused Russia of abusing the global law enforcement agency Interpol by requesting the arrest and extradition of political opponents. A new report by the group notes such requests can mean the accused are unable to travel and are often unable to open bank accounts. VOA's Henry Ridgwell reports.
Video

Video Russia Accused of Abusing Interpol to Pursue Opponents

A British pro-democracy group has accused Russia of abusing the global law enforcement agency Interpol by requesting the arrest and extradition of political opponents. A new report by the group notes such requests can mean the accused are unable to travel and are often unable to open bank accounts. VOA's Henry Ridgwell reports.
Video

Video Genome Initiative Urgently Moves to Freeze DNA Before Species Go Extinct

Earth is in the midst of its sixth mass extinction. The last such event was caused by an asteroid 66 million years ago. It killed off the dinosaurs and practically everything else. So scientists are in a race against time to classify the estimated 11 million species alive today. So far only 2 million are described by science, and researchers are worried many will disappear before they even have a name. VOA’s Rosanne Skirble reports.
Video

Video Scientists: One-Dose Malaria Cure is Possible

Scientists have long been trying to develop an effective protection and cure for malaria - one of the deadliest diseases that affects people in tropical areas, especially children. As the World Health Organization announces plans to begin clinical trials of a promising new vaccine, scientists in South Africa report that they too are at an important threshold. George Putic reports, they are testing a compound that could be a single-dose cure for malaria.
Video

Video Special Olympics Athletes Meet International Friends

The Special Olympics are underway in Los Angeles, California, with athletes from 165 countries participating in an event that gives people with intellectual disabilities the chance to take part in an international competition. VOA's Mike O'Sullivan reports that for athletes and their families, it's also an opportunity to make new friends in an international setting.
Video

Video 'New York' Magazine Features 35 Cosby Accusers

The latest issue of 'New York' magazine features 35 women who say they were drugged and raped by film and television celebrity Bill Cosby. The women are aged from 44 to 80 and come from different walks of life and races. The magazine interviewed each of them separately, but Zlatica Hoke reports their stories are similar.
Video

Video US Calls Fight Against Human Trafficking a Must Win

The United States is promising not to give up its fight against what Secretary of State John Kerry calls the “scourge” of modern slavery. Officials released the country’s annual human trafficking report Monday – a report that’s being met with some criticism. VOA’s National Security correspondent Jeff Seldin has more from the State Department.
Video

Video Iran Nuclear Pact Wins Few New US Congressional Backers

Later this week, President Barack Obama returns from a trip to Africa to confront a U.S. Congress roiled by the nuclear accord with Iran, an agreement that has received the blessing of the U.N. Security Council. Days of intensive lobbying and testimony by top administration officials have won few new congressional supporters of the pact. VOA’s Michael Bowman reports.
Video

Video Washington DC Underground Streetcar Station to Become Arts Venue

Abandoned more than 50 years ago, the underground streetcar station in Washington D.C.’s historic DuPont Circle district is about to be reborn. The plan calls for turning the spacious underground platforms - once meant to be a transportation hub, - into a unique space for art exhibitions, presentations, concerts and even a film set. Roman Mamonov has more from beneath the streets of the U.S. capital. Joy Wagner narrates his report.
Video

Video Europe’s Twin Crises Collide in Greece as Migrant Numbers Soar

Greece has replaced Italy as the main gateway for migrants into Europe, with more than 100,000 arrivals in the first six months of 2015. Many want to move further into Europe and escape Greece’s economic crisis, but they face widespread dangers on the journey overland through the Balkans. VOA's Henry Ridgwell reports.
Video

Video Stink Intensifies as Lebanon’s Trash Crisis Continues

After the closure of a major rubbish dump a week ago, the streets of Beirut are filling up with trash. Having failed to draw up a plan B, politicians are struggling to deal with the problem. John Owens has more for VOA from Beirut.
Video

Video Paris Rolls Out Blueprint to Fight Climate Change

A U.N. climate conference in December aims to produce an ambitious agreement to fight heat-trapping greenhouse gases. But many local governments are not waiting, and have drafted their own climate action plans. That’s the case with Paris — which is getting special attention, since it’s hosting the climate summit. Lisa Bryant takes a look for VOA at the transformation of the French capital into an eco-city.
Video

Video Racially Diverse Spider-Man Takes Center Stage

Whether it’s in a comic book or on the big screen, fans have always known the man behind the Spider-Man mask as Peter Parker. But that is changing, at least in the comic book world. Marvel Comics announced that a character called Miles Morales will replace Peter Parker as Spider-Man in a new comic book series. He is half Latino, half African American, and he is quite popular among comic book fans. Correspondent Elizabeth Lee reports from Los Angeles.
Video

Video Critics of Japan Defense Policy Focus on Okinawa

In Okinawa, many locals have long complained that Tokyo places an unfair burden on the tiny island by locating most of Japan's U.S. military bases there. As Japan's government moves toward strengthening and expanding the country's defense policies, opponents of those plans are joining local protesters in Okinawa, voicing concern about where the country is headed. VOA’s Brian Padden reports from Okinawa.
Video

Video IS Uses Chemical Weapons in Syrian Attack

Islamic State militants have added a new weapon in their arsenal of fear: chemical weapons. VOA Kurdish service reporter Zana Omer was on the scene within hours of a recent attack in Hasakah, Syria, and has details of the subsequent investigation, in this report narrated by Miguel Amaya.
Video

Video Historic Symbol Is Theme of Vibrant New Show

A new exhibit in Washington is paying tribute to the American flag with a wide and eclectic selection of artwork that uses the historic symbol as its central theme. VOA’s Julie Taboh was at the DC Chamber of Commerce for the show’s opening.

VOA Blogs

World Currencies

EUR
USD
0.9043
JPY
USD
123.19
GBP
USD
0.6445
CAD
USD
1.3030
INR
USD
64.170

Rates may not be current.