February 8, 2008 / 3:14 AM / 12 years ago

FACTBOX-Topics for discussion at Feb 9 G7 meeting in Tokyo

(For more stories from the Tokyo G7 meeting click [G7/G8])

Feb 8 (Reuters) - The following are key topics for discussion given by host country Japan for a meeting of finance ministers and central bank chiefs from the Group of Seven nations to be held on Saturday in Tokyo.

THE GLOBAL ECONOMIC SITUATION

The G7 countries will discuss the impact of a slowdown in the United States, global market turmoil and high oil prices. This will include talks on currencies. G7 sources have suggested that the group would stick to the same message on foreign exchange and that discussions of the forex language of the end-of-meeting communique would be somewhat less important than at previous G7 meetings. (For past G7 communique on currencies, click on [ID:nT123186])

CREDIT CRISIS, FINANCIAL STABILITY FORUM

The Financial Stability Forum will submit an interim report that aims to analyse the underlying causes of recent financial turbulence and offer proposals on areas such as risk management, boosting transparency and the role of credit rating agencies. The G7 is also likely to discuss the importance of financial institutions to recognise and disclose their losses quickly.

The final FSF report is due in April.

SOVEREIGN WEALTH FUNDS

The G7 sees sovereign wealth funds as important participants in the global financial system but wants more transparency in their activity. At the previous meeting in October, the G7 members asked the International Monetary Fund, World Bank and OECD to identify best practices of sovereign wealth funds. That is still a work in progress and the G7 is unlikely to reach any new conclusion this weekend.

IMF REFORM

The G7 countries will continue discussions on rebalancing of voting power in the International Monetary Fund and how to secure long-term financing of the Washington-based institution, which is in the red on an annual basis.

CLIMATE CHANGE

Host country Japan, along with the United States and Britain, is to push for the creation of a multilateral fund to deal with climate change. No final decision will be made at Saturday’s meeting, but it will be one of the key topics at Group of Eight Summit meeting in July. (Reporting by Yoko Nishikawa)

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