Finance ministers from the G8 on Saturday signalled their cautious belief that the worst of the global financial crisis might be over and began for the first time to discuss “exit strategies” to counter the growing threat of inflation.
Stress tests for banks were also discussed, aides said, but divisions over the issue – with France and Germany resisting calls for more transparency over publication of results – kept an explicit mention of tests out of the final communique.
“There are signs of stabilisation 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,” the communique said after a weekend of talks in the southern Italian city of Lecce.
An official said the reference to “significant risks” – absent in the draft – was inserted at the request of the UK. An earlier mention of “encouraging figures in the manufacturing sector” was deleted from the draft after eurozone industrial production data for April, released on Friday, showed an annual drop of more than 21 per cent.
Ministers also warned that unemployment might continue to increase even after economies start growing again.
For the first time G8 ministers tackled growing market concerns over unsustainable levels of public debt and budget deficits that have weighed on US Treasury bonds and the dollar.
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