European finance ministers from the Group of Seven economies vowed after emergency talks yesterday to respond “speedily” to the continent’s fiscal crisis, Japan’s Finance Minister said.
“We were able to share our recognition on the European issue,” Jun Azumi was quoted by Jiji Press as saying after a conference call with his G7 counterparts. “The European side stated that they will respond to it speedily.”
Finance ministers and central bank chiefs from the world’s seven most industrialized nations held the call just days after US President Barack Obama blamed Europe for sluggishness in the US economy.
The US Treasury confirmed in a statement that Europe was a key topic of the call, saying the ministers and governors reviewed developments in the global economy and financial markets “and the policy response under consideration, including the progress toward financial and fiscal union in Europe.”
The talks came as Spain warned it could soon no longer afford to borrow on the markets in the clearest sign yet that it will require a rescue that Madrid’s European partners may not be able to afford.
Spain declared yesterday it is being virtually shut out of stormy credit markets but a bailout is technically impossible for the euro zone’s fourth-biggest economy.
G7 leaders vow speedy response to euro crisis
