G-7 Confers

Finance ministers of the G-7 industrialized nations met in Washington over the weekend,addressing the credit crunch.The officials agreed to bear down on financial institutuions,requiring them to hold more capital and be more transparent.The U.S.,Germany,France,the U.K.,Italy,Japan and Canada plan to set up an international team to scrutinize the big banks.Alistair Darling,the U.K.'s Chancellor of the Exchequer,said restoring confidence is a primary concern.He called on the G-7 to act on the credit squeeze,which he likened to the Great Depression.The G-7 said that downside risks to the global economy are increasing.These include the U.S. housing market,as well as the price of oil and other commodities.Nonetheless,food shortages and prices pose a greater threat than capital markets turmoil,the G-7 noted.