G7 finance ministers reject protectionist measures

G7 finance ministers reject protectionist measures

The Group of Seven finance ministers strongly rejected protectionism Saturday, pledging to work together to support growth and employment and to strengthen the banking system so the world can overcome its worst financial crisis in 50 years.
Still, bad economic news darkened the horizon. The final statement on their two-day meeting in Rome predicted a gloomy forecast, with the severe economic downturn continuing through most of 2009. That came a day after new economic data showed the recession in Europe deepening to its worst levels in decades.
The meeting marked the international debut of U.S. Treasury Secretary Timothy Geithner, who appealed to the "common imperative" to sustain open trade.
"These are global challenges and it is imperative that we work together to address them," Geithner told reporters afterward. "Effective global response will require sustained action by governments working with the international financial institutions." Read more...

February 14, 2009
Statement by Secretary Tim Geithner Following Meeting of the G7 Finance Ministers and Central Bank Governors
Statement by Secretary Tim Geithner – As Prepared for Delivery
Following Meeting of the G7 Finance Ministers and Central Bank Governors
Rome, Italy

From Slate Magazine. Geithner Pitches Plan Across the Pond