• nedjelja, 27 jul 2025

Meeting of the ministers of finance G8

Meeting of the ministers of finance G8
Two weeks before the meeting of G8 in Genova, Italy, the Roman palace Madama was the place of meeting of the ministers of finance of the most developed states of the world. This meeting is one in the serial of preparation meetings during which the most influent representatives of G8 prepare the platform for the meeting that is to take place in Genova, July 20 - 22. American minister of finance stated that he expected the growth of American economy of 3% at the middle of the forthcoming year, which is the good news regarding the general growth of world economy. According to the words of Italian minister, the Europe is not in such a bad state as it has been thought. Although in the first quarter of this year the European economy in Euro zone had growth of only 0.5%, so on the basis of that information the Commission reduced the estimated rate of growth on only 2.4%, at the end of the year the total result could be growth of 2.5% for the whole year. In any case, it would be more than growth of American economy that is expected to be at the level of about 2% for this year. The problems that Japanese economy faces are the most complicated among developed countries. Thus, Japanese minister of finance gave the real image and projection that showed that in the next two or three years Japan would have a slowed growth. Only after that cycle the progress could be expected. In writing off the debts of the poor, Italy has the leader role and wishes to aid these states with its positive example. In that sense a document on aid to poor states in struggle against severe diseases such as AIDS and malaria, would be presented at the meeting of G8, and the Fund for protection of health in poor countries would be established. This proposal is on the line of requests of antiglobalization movements and the Italy has a leading role there. In order to valuate the positive aspects of globalization, too, the ministries request to study the possibilities of removing all barriers that exist in the world trade which make difficult the export of goods from poor states. Europe is of the opinion that this would be a very efficient way of aid to these states, while the attitude of America is much more restrained. In the end, Italian minister denied the information that they discussed the interest rates and exchange rates because it was the subject to be discussed by the governors of the central banks and not the ministers of finance.