MercoPress. South Atlantic News Agency

G 7 Optimistic

Finance Ministers of the seven most industrialized countries, meeting in Halifax Canada, expressed confidence in the world's economic prospects, that they describer as “encouraging”.

The economies of the G 7, United States, Canada, Germany, Britain, Italy, France and Japan “have not ceased to strengthen and should continue to do so for the rest of the year”, said the official release after the meeting was over.

The outstanding issues of the agenda were the weakened US dollar and the fall in global markets, as investors become ever more suspicious following several corporate scandals and huge losses for share holders.

"We emphasize the importance of transparency, including the private sector, for a correct functioning of markets any where in the world", added the release.

The Finance Ministers talks were an anticipation of the G 7 plus Russia summit to be held next June 26 and 27 in Alberta, Canada.

US Treasury Secretary Paul O'Neill indicated during the meeting that a strong dollar was the official US dollar adding he expected a strong recovery in the world stock markets.

"Yes, we favor a strong dollar and have no intention of changing that policy", said O'Neill. "Sooner or later markets will reflect the soundness of the US economy".

The US currency is currently at its lowest level in 17 months vis a vis the Euro.

European officials said they were pleased with the strengthening of the Euro, which is helping world recovery.

"Clearly it's in Europe's interest to have a stable currency that reflects the solid foundations of the European Union economy", asserted Rodrigo Rato, Spain's Economy Minister, in representation of Europe since Spain currently holds the chair.