http://money.cnn.com/2008/02/08/news/economy/g7_finance.ap/index.htm?postversion=2008020807
G-7 finance chiefs eye slowdownCentral bank chiefs of seven industrialized
nations expected to tackle markets turmoil; unified move thought unlikely. //
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February 8 2008: 7:24 AM EST
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But senior ministers from Japan and Britain threw cold water on hopes that
Saturday's meeting will produce any sweeping policy agreements - such as a
unified move to cut interest rates - to remedy market instability.
"Economic conditions differ among the U.S., Europe and Japan," Japanese Finance
Minister Fukushiro Nukaga told reporters Friday. "It is important ... that each
country makes its own best efforts regarding how to restore and stabilize its
economy."
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But a unified cross-continental policy announcement - such as cutting interest
rates together, as speculated among some traders - appears highly unlikely.
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Bank of England cuts key rate
On Thursday, the Bank of England cut its rate a quarter point to 5.25%.
Darling said the BOE had been able to cut interest rates because inflation in
the U.K. remains closest to the government's target of 2%.
"I remain very confident that the British economy will get through the current
uncertain times," he said.
The European Central Bank, which sets policy for the euro-zone, appears to be
leaving the door open for a rate cut, but it is unlikely to take as drastic a
move as the U.S. because of inflation concerns.
The Bank of Japan is even less capable of action with its key rate at 0.5%.
Until last year, Japan had been trying to figure out when to raise - not lower
- interest rates.
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