G8 Finance Ministers’ statement

Over the weekend, finance ministers of the 8 biggest countries met in Lecce, Italy to discuss further the financial crisis and the solutions that have so far been provided by the governments. Here’s an excerpt from the communique that was released:

We, the G8 Finance Ministers, remain focused on addressing the ongoing global economic and financial crisis. We have taken forceful and coordinated action to stabilize the financial sector and provide stimulus to restore economic growth. There are signs of stabilization in our economies, including a recovery of stock markets, a decline in interest rate spreads, improved business and consumer confidence, but the situation remains uncertain and significant risks remain to economic and financial stability.

Even after output growth begins picking up, unemployment may continue to increase. Our countries will continue to implement actions to reduce the impact of the crisis on employment and maximize the potential for growth in jobs in the period of economic recovery, including by promoting targeted active labor market policies, enhancing skills development, ensuring effective social protection systems and enabling labor markets to respond to broader structural changes.

Read the whole communique HERE.

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