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Laura Sunderland
Senior Researcher, G8 Research Group
April 30, 2007
See also G8 Leaders Prospective Agenda
This prospective agenda for the 2007 G7/8 Finance Ministers Meetings is compiled by the G8 Research Group from public sources as an aid to researchers and other stakeholders interested in the G8. It will be updated periodically as planning evolves and as more information becomes available about its intended and actual agenda.
The G8 Finance Ministers will meet in Potsdam on May 18-19, 2007.
On April 23, 2007, Reuters News reported that UK Treasury Minister Ed Balls stated that "Following discussion with the FSA, we believe that the quality of prudential supervision of hedge fund activity would be enhanced if there were greater co-operation between the key regulators in monitoring the main counterparties' exposures to hedge funds... One option would be to broaden the six-monthly enquiries that the FSA currently carries out to other major regulators, and to all major counterparties."[1] Balls also noted that the proposal will be discussed by G7 Finance Ministers in Potsdam.[2]
On April 23, 2007, Business and Finance Daily News Service reported that EU finance ministers agreed to create a code of conduct for the hedge fund sector, and that Germany will use its EU and G8 presidencies to "press for the creation of a voluntary code of conduct for the hedge fund industry to guard against financial instability in global markets."[3]
On April 21, 2007, Dow Jones Energy Service reported that German Finance Minister Peer Steinbrueck said on April 20 that the EU should agree to a joint position on hedge funds prior to the G7 Finance Ministers meeting, where the issue will be discussed.[4]
On April 21, 2007, the Wall Street Journal reported that the Financial Stability Forum's recently updated 2000 report, which calls on the G7 to explore whether more information on hedge funds would mediate risks, will be discussed at the G7 meeting.[5] The Forum was asked to update its 2000 report by the G7 Finance Ministers meeting, held in February in Essen.[6]
See Official Documents.
On February 9-10, 2007, the G7 Finance Ministers met in Essen, Germany.
On February 9, 2007, Agence France Presse reported that German Finance Minister Peer Steinbruek said that he is in favour of expanding the G7 to include Russia and China.[7]
The G7 Finance Ministers and Central Bank Governors meeting was held on the margins of the International Monetary Fund and World Bank Group meetings (April 13-15, 2007).
On April 10, 2007, AFX International Focus reported that German Finance Minister Peer Steinbrueck will not attend the G7 finance ministers meeting in Washington, as he will be on holidays with his family in Namibia at that time.[8] Steinbrueck will be represented by Thomas Mirow at the meeting.[9]
On April 6, 2007, Japanese Finance Minister Koji Omi stated that "discussion on exchange rates is likely to include the yen, the dollar, the euro and the yuan" but "will not particularly focus on the yen."[10] Omi also stated that "We will focus on the outlook for the world economy including Japan, as well as IMF reforms and various other issues."
On April 2, 2007, Japanese Finance Minister Koji Omi stated that the topics for discussion at the G7 meeting have not yet been determined, but that it is unlikely that the finance ministers will discuss the yen.[11]
On April 2, 2007, Canadian Finance Minister Jim Flaherty stated that "I wouldn't be surprised if [the Japanese yen] was the subject of some discussion" at the G7 finance ministers meeting.[12] Flaherty stated that he expects global imbalances, Chinese currency flexibility, global commodity price levels and the impact of instability in the Middle East on oil prices to also be discussed.[13]
Notes
1 Reuters News (April 23, 2007), "UK proposes sharing information on hedge fund risk."
2 Reuters News (April 23, 2007), "UK proposes sharing information on hedge fund risk."
3 Business and Finance Daily News Service (April 23, 2007), "EU ministers to form Hedge Fund code."
4 Dow Jones Energy Service (April 21, 2007), "ECOFIN: EU's Juncker Sees Support For German Hedge Fund Plan."
5 Andrea Thomas (April 21, 2007), "G-7 Asked to See If More Data Are Needed on Hedge-Fund Risks," The Wall Street Journal.
6 Andrea Thomas (April 21, 2007), "G-7 Asked to See If More Data Are Needed on Hedge-Fund Risks," The Wall Street Journal.
7 Agence France Presse (February 9, 2007), "Germany in favour of opening up G7 to emerging countries."
8 AFX International Focus (April 10, 2007), "German Finance Minister Steinbrueck chooses Namibia break over G7 parley."
9 AFX International Focus (April 10, 2007), "German Finance Minister Steinbrueck chooses Namibia break over G7 parley."
10 Life Style Extra: Finance, News, Entertainment (April 6, 2007), "Japan finance minister says G7 unlikely to focus on the yen weakness," accessed April 10, 2007, http://www.lse.co.uk/FinanceNew
11 Takashi Nakamichi (April 2, 2007), "UPDATE: Japan's Omi Sees Little Chance Of G7 Discussing Yen," Dow Jones Newswires.
12 Andrew Peaple (April 2, 2007), "Canada Fin Min: Yen Likely To Be Discussed At G7 Meeting," Dow Jones News Service.
13 Andrew Peaple (April 2, 2007), "Canada Fin Min: Yen Likely To Be Discussed At G7 Meeting," Dow Jones News Service.
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