Top financial officials from the Group of Eight industrialised nations faced divisions today over the importance of unwinding hefty stimulus packages now that the first signs of global economic recovery have emerged, as well as whether Europe should run US — style stress tests on its banks.
Finance ministers looked relaxed as they gathered in a medieval castle to set an agenda for a meeting of G-8 heads of state next month in quake-stricken L'Aquila in central Italy.
During the gathering, the United States and Britain are expected to urge members of the Group of Eight industrialised countries to stay committed to expansive monetary and fiscal measures.
Several European countries and Canada want a discussion of ending those measures to be the main topic.
"I think it's appropriate that we do look a little bit down the road and plan to get the private sector back into the markets and the public sector withdrawing from the markets," Canadian Finance Minister Jim Flaherty told reporters before a working dinner yesterday night.
The US, Japan, Germany, France, Britain, Italy, Canada, Russia and the European Union are trying to set the agenda for a meeting of G-8 national leaders in July in earthquake-stricken L'Aquila in central Italy.
"We think it will be completed in a positive way, working together for a common solution," Italian Finance Minister Guilio Tremonti told reporters.