AYLESBURY, England May 11 Group of Seven
finance officials agreed on Saturday to press on with measures
to deal with failing banks that do not land taxpayers with the
bill, British finance minister George Osborne said.
Osborne said the finance ministers and central bankers
meeting outside London also reaffirmed that fiscal and monetary
policy should be aimed at domestic concerns, not currency
"We will not target exchange rates," he told reporters after
hosting a two-day meeting of G7 finance ministers and central
bankers in a stately home 40 miles outside London.
Osborne said Saturday's talks were mainly focused on
unfinished banking reforms, five years after the financial
crisis first bit.
"It is important to complete swiftly our work to ensure that
no banks are too big to fail," he said. "We must put regimes in
place ... to deal with failing banks and to protect taxpayers
and to do so in a globally consistent manner."
He added that there was less disagreement about whether
governments should focus on debt-cutting or growth-boosting
measures than is commonly assumed.
"Everyone is clear that there needs to be credible
medium-term fiscal consolidation ... We also agreed that there
needs to be flexibility," he said.