The G-8 Cites Recovery Signs

The G-8 is composed of the U.S., Japan, Germany, France, U.K., Canada, Italy and Russia. Representatives met over the weekend in Lecce, Italy to begin crafting an agenda for when a broader set of leaders meet on July 8-10.

The group acknowledged that they are now considering how to back out the swift rescue actions taken last year because the world economies are beginning to show signs of recovery.

“We discussed the need to prepare appropriate strategies for unwinding the extraordinary policy measures taken to respond to the crisis once the recovery is assured,” the leaders asserted in a collaborative statement. “There are signs of stabilization.”

“Early signs of improvement are encouraging, but the global economy is still operating well below potential and we still face acute challenges.” said U.S. Treasury Secretary Timothy Geithner.

“There is a distinct shift in tone from the G-8″ during this meeting, said Eswar Prasad, of the Brookings Institute.

“There are increased signs of stabilization in our economies,” the G-8 re-emphasized. The group renewed their commitments to take “all necessary steps to put the global economy on a strong, stable and sustainable growth path.”

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