G7 FinMins meeting closes with agreement to promote bank reforms

LONDON (Xinhua) - The two-day finance ministers and central bank governors meeting of the Group of Seven (G7) closed at the Hartwell House in Aylesbury of Buckinghamshire, southern England, on Saturday with no substantial agreements announced.

British finance minister George Osborne said at a press conference after the meeting that the ministers and central bank governors of the seven countries agreed to press on with measures to deal with failing banks that do not land taxpayers with the bill.

The discussions of the G7 finance chiefs were on wide-range subjects, covering world economy recovery and growth, tax system, monetary policy and banking reform.

They agreed not to target foreign exchange rates, to have credible medium-term fiscal consolidation plans if it is needed.

The G7 finance ministers and central bank governors said that economic growth prospects remain uneven, and fiscal consolidation should be growth friendly.