Finance ministers from leading industrial nations gather at the US Treasury Department today to stress their determination to keep a faltering global economy from slipping into recession in the wake of the September 11th attacks on the United States.
US Treasury Secretary Mr Paul O'Neill, host for the first gathering of finance ministers and central bankers from the Group of Seven (G7) since the attacks on the US, conceded yesterday there was work to do to limit damage to the world economy in the aftermath. Many private economists believe the United States economy tipped into a recession following the attacks.
Mr O'Neill said there was "significant scope in all of our countries to raise our potential rates of growth" and suggested that promoting freer trade through a new round of World Trade Organization (WTO) talks would help.
In mid-November, trade ministers from 142 member countries of the WTO are to meet in Doha, Qatar, to try to launch world trade talks.
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A key theme for the one-day session is fine-tuning efforts to choke off funding for groups that sponsor violence - continuing a drive that started after September 11th to stop terrorist organizations from channelling funds through the global banking system.
There was potential for some disagreement on the issue, with Italy not fully agreed with some others on the push for complete co-operation to curb the flow of funds across borders.
A bill that passed the Italian parliament this week would curb the powers and reach of cross-border financial crime investigations by setting limits on Italian magistrates sharing information with foreign authorities.
Another key objective of the meetings, which had been set for September 28th in Washington but were delayed by a week and a day in the wake of the attacks, was to gain a better idea of how severely the global economy has been affected by the slowdown in business activity.
Some industries, particularly the aviation sector, has come to a literal standstill. The long-term impact on travel and tourism remains unclear but will undoubtedly be severe.
The United States has offered billions of dollars in emergency aid and loan guarantees to US airlines and this week the Bush administration urged State representatives to move quickly on new fiscal stimulus measures that could end up costing more than $100 billion, including $40 billion in emergency spending already passed by Congress.
"We will be able to assess the action that has already been taken internationally," said British Chancellor of the Exchequer Mr Gordon Brown. "We are determined to do whatever we have to do to ensure the conditions for stability and growth."