G-7 Finance Officials Review European Developments

By: AP
By: AP
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WASHINGTON (AP) -- The U.S. Treasury Department says finance ministers and central bank presidents of the world's seven wealthiest countries have held an emergency conference call to review the policy options European leaders are considering to forge a stronger financial and fiscal union in Europe.

The statement said that the finance officials agreed to keep monitoring developments closely in the runup to a leaders' summit of the Group of 20 major economies on June 18-19 in Los Cabos, Mexico. The European debt crisis is expected to be the major agenda item at that meeting.

On Monday, the administration said that the United States expects to see more action to strengthen the European banking system over the next two weeks. The G-7 countries are the United States, Japan, Germany, France, Britain, Canada and Italy.

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