G7 plans action amid credit crisis
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The Group of Seven economic powers will probably deploy an international team to keep closer tabs on the world’s big banks and demand better risk management and information disclosure across financial markets.
Finance ministers from the G7 countries also have invited leading bank chiefs to discuss the global markets crisis, which could cost close to $1 trillion in losses and downgrades in the value of assets accrued during years of investor euphoria.
The moves to improve the behavior of banks and supervision of financial markets are expected to be announced at a G7 meeting Friday in Washington.
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