G7 vows tough action to fix world economy: French minister

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The G7 group of rich nations is determined to meet the challenges of a faltering global economy with "strong and coordinated" action, French Finance Minister Francois Baroin said Friday.

Finance ministers from Britain, Canada, France, Germany, Italy, Japan and the United States have agreed on measures balancing the need to reduce debt with that of supporting growth, said Baroin, whose country holds the G7 rotating presidency.

"We have had important discussions on this issue and we were able to find this balance," he told reporters at the end of the first day of meetings between G7 ministers in the southern French city of Marseille.

Baroin spoke of "a need for a concerted international effort to support solid, sustainable and balanced growth."

The world's top economic powers went into talks with the aim of preventing a repeat of the 2008-2009 recession but differed sharply on which approach to take, with the Americans clearly plumping for stimulus and the Europeans determined to railroad reform and austerity measures through parliaments.

© 2011 AFP

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