G7 sets sights on urgent economic reform

ROME: The world’s richest nations called Saturday for urgent reform of the global finance system and commitments to safeguard free trade as countries struggle with the worst economic crisis in decades.

Italy’s Finance Minister Giulio Tremonti called for a “new world economic order” as he wrapped up the crisis meeting of finance leaders from the Group of Seven leading economies over which he presided here.

In a joint declaration, the G7 called for “urgent reforms” of the international financial system and reiterated a bleak outlook for the world economy, after fresh data showed the eurozone recession deepening.

The G7 delegates in a joint statement vowed to avoid protectionism as they seek to stabilise the tottering world economy and financial markets and said stabilisation of the world economy was their “highest priority.”

The global crisis “has highlighted fundamental weaknesses in the international financial system and that urgent reforms are needed,” the statement said.