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To: Haim R. Branisteanu who wrote (72373)	2/6/2010 2:20:12 PM
From: Haim R. Branisteanu	Respond to of 74559

France's Lagarde: G7 Finance Officials Will Continue To Meet IQALUIT, Nunavut (Dow Jones)--Group of Seven financial officials have unanimously agreed to continue meeting in the future despite being overshadowed by the Group of 20, French Finance Minister Christine Lagarde said Saturday. "The G-7 has a reaffirmed sense of purpose," Lagarde said. "It is important in terms of cohesion of monetary and fiscal policy," she said. France will chair both the G-7 and G-20 in 2011. The G-7 represents top European and North American economies, as well as Japan. The G-20, which includes developing nations like China, India and Brazil, has overtaken the G-7 as the main forum for global policy coordination. But deficit-driven turmoil in European markets this week helped buttress a sense of purpose for the G-7, which included discussion of whether to continue meeting in the future on its agenda. "We were all unanimous," Lagarde said. Keeping the G-7 alive was discussed at a "fireside chat" Friday night after financial officials gathered for a pre-meeting dinner. The G-7 is likely to take on a less formal role, officials said. No official communique will be released at Iqaluit, though a chairman's summary statement is expected to be read at a joint press briefing. Should the need arise in the future, the G-7 has agreed it could still issue a communique, which is essentially a statement of agreed-upon goals between the countries, "if they have a strong message to convey," a G-7 official said. Finance officials have also agreed that the G-7 is an appropriate forum to continue talking about currencies, the official added. Ministers also discussed the global economic outlook during their dinner Friday night and broached the subjects of Greece and rising deficits in several euro-zone countries, the official said, without elaborating further. -By Nathalie Boschat, Dow Jones Newswires; nathalie.boschat@dowjones.com