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“The G7 agrees today that the current situation calls for urgent and exceptional action,” a statement released by the US Treasury said yesterday.

“We commit to continue working together to stabilize financial markets and restore the flow of credit, to support global economic growth.”

The plan states that the G7 would “take decisive action and use all available tools to support systematically important financial institutions and prevent their failure.”

The communiqué was released after a meeting of finance ministers and central bankers of the United States, Germany, Japan, France, Britain, Italy and Canada in Washington. The Times of India writes-

US Treasury Secretary Henry Paulson, in a separate statement, said the G7 had “finalized an aggressive action plan to address the turmoil in global financial markets and the stresses on our financial institutions.”

“This action plan provides a coherent framework that will direct our individual and collective policy steps to provide liquidity to markets, strengthen financial institutions, protect savers, and enforce investor protections,” said Paulson, the architect of a USD 700-billion bank bailout passed by Congress last week. READ MORE…