G7 finance ministers discuss economic crisis

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Source: CCTV.com | 02-14-2009 09:34

G7 finance ministers gathered in Rome on Friday to discuss the economic crisis, as new economic data showed Europe's recession is deepening.

From left: Executive vice-chairman of the Council for the  United States and Italy Cesare Merlini, World Bank President  Robert Zoellick and director of the Bank of Italy Fabrizzio  Saccomani at a press conference ahead of a G7 finance leaders  summit in Rome. Finance ministers are set to start work  hammering out an action plan to help dig the world out of a  deepening recession.(AFP/Tiziana Fabi)

The meeting began on Friday evening and continued with a day-long session on Saturday. Officials from the leading industrial nations will discuss new financial market rules, concerns about protectionist measures in stimulus plans, and the effect of the crisis on poorer countries.

Protectionism was emerging as a major worry, amid fears that the crisis would lead countries to close off their borders to free trade, in a repeat of the 1930s. Germany, a major export country, is especially concerned about protectionism.

Editor:Zhang Ning