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June 17, 2009

G8 nations in accord on regulatory changes

Italian Secretary-General of the Foreign Ministry Giampiero Massolo said Group of Eight nations were ready to adopt new international finance regulations.

Economic Minister Giulio Tremonti's proposals that initially spurred skepticism are now widely shared, Massolo said, the Italian news agency ANSA reported Wednesday.

The United States may be a temporary holdout on the new standards, preferring to push adoption of the changes to the Group of 20 meeting in Pittsburgh set for Sept. 24-25, rather than next month's meeting of G8 countries in L'Aquila, Italy, ANSA said.

The G8 summit should also include discussions of how countries can safely retreat from monetary policies, such as stimulus spending, put in place to combat the current financial crisis, Bank of Italy Gov. Mario Draghi said.