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Italy carves out Rome G7 financial crisis agenda

Published 02/05/2009, 12:29 PM
Updated 02/05/2009, 12:32 PM

(This story is without a dateline to protect the anonymity of the source)

Feb 5 (Reuters) - This month's meeting of G7 finance ministers in Rome will start with a dinner to discuss "market integrity and transparency," while the next day's events will be kicked off by new U.S. Treasury Secretary Timothy Geithner, an agenda for the event shows.

The Group of Seven rich nations will be joined by Russia at the meeting on Feb. 13-14, but they have not invited representatives of the main emerging economies such as China, India or Brazil.

The meeting will also be attended by the central bank governors of the eight nations and by the heads of bodies such as the International Monetary Fund and the Organisation for Economic Co-operation and Development.

The agenda, issued to the participants and obtained by Reuters, says the dinner on Feb. 13 will discuss how to set up what Italian Economy Minister Giulio Tremonti calls a "legal standard", meaning as convergent a network as possible for legal systems governing financial affairs.

The document, prepared by the Italian Treasury, also shows the main day's events om Feb. 14, will start with addresses by Geithner and Federal Reserve Chairman Ben Bernanke on the World Economic Outlook.

Other lead speakers on the same subject will be Japanese Finance Minister Shoichi Nakagawa, European Central Bank President Jean-Claude Trichet and German Finance Minister Peer Steinbrueck.

The next topic on the agenda is Financial Markets, Including Update of G20 Work.

Here the lead speakers are slated as British Finance Minister Alistair Darling, IMF Managing Director Dominique Strauss-Kahn and Mario Draghi, the head of the Financial Stability Forum.

French Economy and Finance Minister Christine Lagarde will be then be lead speaker for a half-hour discussion of Reform of International Financial Institutions, before two hours are devoted to a broad debate of Global Issues involving all participants.

These will include climate change, food security and development issues.

There will then be a working lunch during which the G7 final communique will be drafted, followed by closing press conferences.

A G7 source told Reuters the Rome gathering was likely to produce little if anything in terms of concrete decisions.

"It will mainly be an occasion to discuss progress made in addressing the global economic and financial crisis ahead of the G20," the source said, in a reference to upcoming meetings of twenty advanced and emerging economies charged with tackling the crisis.

(Edited by Patrick Graham, London Treasury Desk +44 207 542 4441)

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