AP source: G-7 to discuss central bank action
Gabriele Steinhauser, AP Business Writer, On Saturday August 6, 2011, 9:05 am EDT
BRUSSELS (AP) -- Financial officials from the Group of Seven industrialized nations will discuss how to coordinate action between their countries' central banks, a person familiar with the matter said Saturday, following several days of market panic and a downgrade of the U.S. credit rating.
The person spoke on condition of anonymity because the level and timing of the contacts had yet to be confirmed.
French Finance Minister Francois Baroin, whose country currently holds the G-7 presidency, said he had been in close contact with his G-7 counterparts "throughout the previous days and also this very morning."
"We'll be carefully watching the evolution of what might happen on Monday," Baroin told France's RTL radio, without providing details on the contacts. The G-7 members are Britain, Canada, France, Germany, Italy, Japan and the U.S..........
...Many investors have also been calling on the U.S. Federal Reserve to start pumping money into the U.S. economy again to help underpin the slowing economic recovery, as it has done through two large-scale bond buying programs since the 2007 financial crisis. [emphasis added]
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