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Group of seven meeting

Us to talk up growth others to cite deficits

AFP, Boca Raton, Florida
The Americans are talking about growth while Europeans and Japanese are warning of dangerous Us deficits as officials of the Group of seven powers meet Friday to consider global economic ills.
G7 finance ministers open a two-day meeting in Boca Raton, Florida later Friday amid concerns that the Us trade and budget deficits, which has cut into the value of the dollar, could choke off a fragile global economic recovery.
Us officials however are talking up the so-called "agenda for growth" they say will boost the global economy and reduce imbalances, repeating Washington's longstanding theme that the Us economy cannot be the sole locomotive of growth for the world.
European officials have been stepping up warnings about a weak dollar that pushes the euro to levels that make European goods less competitive, and could impact the economies of the region.
Japan meanwhile is reluctant to give up currency market intervention to artificially hold down the value of the yen to help the Japanese export-led recovery -- a strategy that has forced the euro to bear the brunt of the dollar's fall.
But analysts see no consensus among the G7 partners, and few expect the group to come up with a formula that satisfies all parties -the United states, Japan, Germany, France, Britain, Italy and Canada.
still, officials have been raising the tone of their rhetoric ahead of the two-day gathering.
European Central Bank president Jean-Claude Trichet said Europeans will push the G7 to warn forex markets against excessive volatility.
Trichet said all G7 countries have "work to do" to improve the global economy, but his comments suggested that deficits and the weak Us dollar would be the top priority for Europeans.
A senior Japanese official this week tried to talk up the dollar,
saying the United states was now tackling its budget and current account deficits, addressing investor concern that has pushed the currency further down against major units.
"The basic G7 framework is that exchange rates should reflect economic fundamentals and we will continue to monitor them closely," he said. "Each nation is coping with excessive movements by taking monetary, fiscal and foreign exchange policy action."
The United states, which boasts the best economic performance among the G7 states, wants to push for higher growth from its allies. Under this scenario, Europe and Japan could induce more domestic spending that helps increase economic growth in those countries while absorbing more Us exports.
Ray Attrill, director of research at 4Cast in London, said Trichet's repetition of the ECB's concern about rapid exchange rate movements gave a hint of what the Europeans will be pushing for at the G7.