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Financial officials agreed at the G7, Saturday, to go ahead with the procedures for handling the collapse of banks without taxpayer costs of banking reform, said British Finance Minister George Osborne.
Osborne said that the Finance Ministers and Central Bank Governors, meeting outside London has reiterated the need to target financial and monetary policy concerns the local currency manipulation.
And Osborne counterparts and central bankers in this forum for rich countries, which includes Germany and Canada and the United States, France, Britain, Italy and Japan in ilsbori just north of London.
British Finance Minister told journalists “not target the exchange rate,” he said, adding that the talks Saturday focused on the incomplete banking reforms, five years after the outbreak of the financial crisis.
Osborne said “it is important to accelerate the completion of our work to make sure that there are no banks of such magnitude that cannot be allowed to collapse. We must put regulations in place. To deal with failing banks and to protect taxpayers and consistently at a global level. “
He added that differences over whether Governments should focus on reducing debt or boost growth less than popular belief.