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Feb 13, 2009, 12:07 GMT

Protectionism and financial regulation to dominate G7 gathering

Rome - Protectionism and financial regulation were the expected hot topics at a dinner later Friday bringing together economy ministers and central bankers from the Group of Seven (G7) most-industrialized nations. The gathering in Rome comes amid the backdrop of the global economic downturn and is set to mark the first international appearance of new US Treasury Secretary, Timothy Geithner. Talks were scheduled to resume Saturday and conclude with a joint statement issued by delegates in the afternoon. Geithner is expected to brief his G7 counterparts from Japan, Germany, France, Britain, Italy and Canada, on US President Barack Obama's plans to get the US economy back on track. Washington's proposed economic stimulus package includes a controversial 'Buy American' clause which has raised concerns among the US's trade partners. Ahead of the meeting France and Italy indicated they will push for tighter financial controls including through direct and indirect market regulations also aimed at strengthening the banking sector. Italian Economy Minister Giulio Tremonti, whose country holds the current G7/G8 presidency, has mentioned the need to devise an internationally adhered to, 'legal standard' to be applied to financial markets as well as tougher supervision of banks. French Economy Minister Christine Lagarde has indicated she will press for tighter controls compelling banks to build a stronger capital base when lending money to potentially risky clients such as hedge funds.

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