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G7 finance ministers' meet ..leaves hard work undone

'Big issues to be taken up again at summit'
F 'OKA. Japan. July 9: 'r,'“ I s seven biggest eco->wers left the hard .done despite their ringing declarations on overhauling global finances and information technology (IT) analysts said today, reports AFP.
Group of Seven (G7) finance ministers outlined far-reaching changes at a meeting here Saturday which they said would make the world better placed to prevent a recurrence of devastating financial crises.
The group issued a major document entitled "strengthening the International Financial Architecture" to sum up thinking since the 1997 Asian crisis, when the International Monetary Fund shot to prominence for millions in the region.
Making the IMF's lending practices clearer was essential to reform of the Washingtonbased lender, said the G7. which groups Britain. Canada. France. Germany. Italy. Japan and the United States.
Also threatening sanctions against money-laundering havens if they did not mend their ways, the G7 said it was turning a page on abuses that had distorted the global economy.
But it was all a bit superficial and we didn't really see anything substantial or even
that new emerge." said Barclays Capital economist Hiroshi Kuribayashi.
"The real point was not even there at yesterday's meeting, and that is whether to create an Asian monetary fund." he added.
"Asian countries want it Japan wants it. So without that discussion. 1 don't see that the real issue was even addressed."
The United States shot down Japanese proposals for a regional fund in the aftermath of the Aslan crisis, fearing a dilution of the IMF.
Just over three years to the day since the crisis erupted, the global economy is enjoying relative tranquillity. Japan's troubles loomed in the background of the G7 without quite breaking into public discus-sion
The G7 meeting this time was somewhat plain, but it was very meaningful as a whole." a Japanese finance ministry official.
'Compared with the previous year's meeting, there was no heated discussion on the world economy or the Russia economy." the official said.
"In fact, most of the time was spent in discussion on (financial) architecture and money-laundering,” he said, adding the big Issues would be
taken up again at the July 21-23 Group of Eight (G8) summit in Japan.
The host government won a small victory in avoiding any public declaration on its economic plight as the Bank of Japan prepares to abandon its "zero-rate" monetary policy, analysts said.
The BOJ is at war with the Ministry of Finance, and I think everyone was very careful not to intrude on the battle ground at this sensitive time."
The G7 finance ministers did find time to note the impact of the IT revolution on the world's financial and economic systems.
The United States strongly opposed e-commerce taxation, while Europe and Japan are in favour of it,” said Fuji Research Institute senior economist Ya-suyoshi Masuda.
The United States apparently gave way to the EU-Japanese side."
In their IT declaration, the G7 ministers said it was incumbent on governments to provide the right framework to capitalise on IT.
It was important to provide a tax climate within which electronic commerce can flourish." balanced against the need to raise revenue for public ser-vices. they said.