Statement by G-7 Finance Ministers and Central Bank Governors on Global Financial Market Turmoil



    OTTAWA, Sept. 22 /CNW Telbec/ - The G-7 held a conference call today to
discuss global financial markets. We reaffirm our strong and shared commitment
to protect the integrity of the international financial system and facilitate
liquid, smooth functioning markets, which are essential for supporting the
health of the world economy.
    We strongly welcome the extraordinary actions taken by the United States
to enhance the stability of financial markets and address credit concerns,
especially through its plan to implement a program to remove illiquid assets
that are destabilizing financial institutions. We also strongly welcome the
measures taken by other G-7 countries. Major central banks have been
coordinating to address liquidity pressures in funding markets, which has been
critical in addressing disruptions in global financial markets. Several
regulators have taken decisive actions to combat market manipulation and
stabilize financial markets, including a temporary ban on short selling of
financial stocks.
    We recognize the importance of making regulation more effective and
bringing investors back into a liquid and stable marketplace. We remain
committed to full and rapid implementation of the Financial Stability
Forum (FSF) recommendations to enhance the resilience of the global financial
system for the longer term. We look forward to the FSF report this fall on
progress made in strengthening prudential supervision and regulation,
improving firms' risk management practices, enhancing disclosure and
transparency, and strengthening accounting frameworks.
    We pledge to enhance international cooperation to address the ongoing
challenges in the global economy and world markets and maintain heightened
close cooperation between Finance Ministries, Central Banks and regulators. We
are ready to take whatever actions may be necessary, individually and
collectively, to ensure the stability of the international financial system.




For further information:

For further information: David Gamble, Media Relations, Department of
Finance, (613) 996-8080, www.fin.gc.ca; To receive e-mail notification of all
news releases, please register at www.fin.gc.ca/scripts/register_e.asp


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