CANADA 5-6 Feb 2010 G7 finance ministers meet in remote Arctic city

Group of Seven finance ministers meet in remote Iqaluit, an Inuit city in Nunavut, at the start of the possible final year for the select group of rich countries. Consensus on global financial sector reform, strengthening international financial institutions and ensuring sustainable global recovery remains elusive. Britain wants G7-G20 nations to tax financial transactions, penalize big risk taking and limit the burden on taxpayers of bank failures. The United States continues to oppose the measure.

The meeting will prepare ground for the G7 and G20 summits later in the year.

The G7 brings together Britain, Canada, France, Germany, Italy, Japan and the United States but has now been eclipsed by the G20, which includes major emerging markets such as Brazil, China, India and Russia.

The year 2010 is seen as the last in which the G7 and Group of Eight will hold formal meetings.

The G8 is the annual meeting of the G7 heads of government, plus Russia. Nov/09

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