Group of Seven (G7) finance ministers in a telephone conference early Monday stressed their commitment to ensuring stability in global financial markets. "We are committed to taking coordinated action where needed, to ensuring liquidity, and to supporting financial market functioning, financial stability and economic growth," the G7 finance ministers and central bank governors said in their joint statement released Monday morning. The finance ministers and central bankers of G7 member states Britain, Canada, France, Germany, Japan, Italy and the United States confirmed excessive volatility would negatively affect the global economy, Japan's Finance Minister Yoshihiko Noda told reporters. The G7 representatives would discuss market stability measures in upcoming weeks, Noda was quoted as saying by the German Press Agency "DPA". "We will remain in close contact throughout the coming weeks and cooperate as appropriate, ready to take action to ensure stability and liquidity in financial markets," the statement said.
