G7 backs FSF recommendations

Central bank governors and finance ministers from seven of the world's leading economies have welcomed the Financial Stability Forum's (FSF) regulatory response to the credit crunch and are set to implement several of its recommendations by the end of July.

The G7 body, comprised of governors and ministers from the world's largest economies, approved the raft of measures at their latest bi-monthly meeting in Washington this weekend.

In a joint statement, the G7 said: "We strongly endorse the

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