Leaders from the Group of Eight (G8) major industrialized countries saw significant risks to the world economy and watered down a target of reducing greenhouse gas emissions at a meeting on July 8.
"While there are signs of stabilization, including a recovery of stock markets, a decline in interest rate spreads, improved business and consumer confidence, the situation remains uncertain and significant risks remain to economic and financial stability," the leaders said in a declaration concluding their first-day meeting at a summit in the central Italian town of L'Aquila.
The financial crisis, which started last autumn, has dragged the global economy into a deep recession that the world has never seen since the Second World War, prompting governments to take unprecedented and concerted actions to ensure recovery and repair financial systems.
In face of significant risks, the G8 leaders pledged to take necessary steps, including to adopt further stimulus measures, to restore robust, steady and sustainable development of the world economy.
They also called for appropriate "exit strategies" to unwind the extraordinary policy measures once the recovery is assured.
However, the G8 leaders also agreed that the worst of the crisis is over, and they are preparing to draft a joint system of rules for the global economy, a process that would be continued by the Group of 20 (G20) summit in Pittsburgh, United States, in September.
