G-8 Finance Ministers

G-8 Finance Ministers

The heads of the financial and economic regulatory departments in each G-8 country. G-8 finance ministers are known by different names. For example, the finance minister in the U.S. is the Secretary of the Treasury, while in the U.K., the finance minister is called the Chancellor of the Exchequer. G-8 finance ministers meet four times a year to discuss mutual concerns, problems and other issues.
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G-8 finance ministers, who are meeting in Marseilles in southern France on Saturday, will also review the $20 billion support pledge made in May at a meeting in Deauville, a resort town in northern France.
G-8 finance ministers preparing to give rosier economic view
Other major agenda items at the G-8 finance ministers meeting will be reform of international financial organizations, climate change and development aid, according to Japanese officials.
The dollar was firm in Tokyo at the lower to mid-108 yen level as investors believed that the G-8 finance ministers agreed on the need to prevent dollar weakness against major currencies, dealers said.
A crucial moment is expected to come in June, when Japan hosts the meeting of G-8 finance ministers in Osaka.
Silence from G-8 finance ministers about the dollar's slide against other major currencies in their weekend statement helped propel the dollar's decline, dealers said.
Makoto Utsumi, president of Japan Credit Rating Agency Ltd., said the G-8 finance ministers are expected to agree on indirect controls on hedge funds this time.
The introduction of regulations on hedge funds will be included in a report after a meeting of G-8 finance ministers in Frankfurt on June 12, and will be included in a declaration to be released June 20 after the summit, the paper said.
The two-day meeting is scheduled to start Friday evening with a working dinner, at which the G-8 finance ministers will meet their counterparts from five African nations -- South Africa, Nigeria, Ghana, Mozambique and Cameroon, the German government said.
Prior to a two-day G-8 finance ministers' meeting beginning in the evening, Steinbrueck told reporters that he expects the hedge funds industry to agree on ''a code of conduct'' by the time the G-8 leaders' summit convenes June 6 to 8 in Heiligendamm, Germany.
The G-8 finance ministers reached the conclusion based on a report submitted to them by the Financial Stability Forum, an expert panel headed by Bank of Italy Governor Mario Draghi.
Germany, which hosts the G-8 finance ministers' meeting, is also keen to highlight climate change as one of the top items on the agenda.