G-7 to agree on rapid response to global financial crisis.

TOKYO: The Group of Seven (G-7) finance ministers and central bank governors will agree on the need to respond “rapidly'' to fight the ongoing global financial turmoil when they meet in Italy later this week, a senior Japanese Finance Ministry official s aid on Tuesday.

The official also said it would be better if the G-7 can make it clear that they oppose protectionism in global trade, warning of recent moves seen in some countries to protect domestic industries by making it difficult for other nations to have access t o the market.

Finance ministers and central bank chiefs from Britain, Canada, France, Germany, Italy, Japan and the United States are scheduled to gather in Rome for their two-day meeting starting Friday.

The Japanese official added that some of the member countries may focus on recent developments in the currency market as part of their discussions on the macroeconomy. He also said the G-7 may discuss the “sustainability'' of each state's finances, amid growing concerns that stimulus packages worked out by member economies may hurt
Read on.

Treasury Secretary Tim Geithner will be in attendance in Italy.

Dept. of Treasury website:
Saturday, February 14, 2009
3:30 PM Local Time
Treasury Secretary Tim Geithner
Press Conference to follow the G-7 Meeting of Finance Ministers and Central Bank Governors
Hotel Westin Excelsior, Sala Boncompagni
Via Vittorio Veneto 125
Rome 00187 Italy

On a side note, from Reuters:

Geithner will naturally be the main focus of attention, with the rest of the G7 hoping to see signs of a more multilateral approach after eight years of go-it-alone Republican rule they often found frustrating.

"The Bush administration tended to ignore international organisations, now things will have to be different," a European G7 official said.

Unlike in the past, the G7 -- the United States, Japan, Germany, France, Britain, Italy and Canada -- have not invited the largest emerging economies to join them, apparently because they will all be present at the G20 in England next month.

Russia, on the other hand, will be attending, along with the heads of the European Central Bank, the International Monetary Fund, the Organisation for Economic Co-operation and Development and other international bodies.

Geithner said the set of broad reforms is being prepared for the April 2, 2009 London summit of Group of 20 finance ministers and central bank governors.