The finance officials comprising the Group of Seven had agreed to move forward with policies and programs that deal with failing banks that help avoid taxpayers footing the bill when they fail. This was the report made by British Finance Minister George Osborne.
Osborne further reported that the finance minister and heads of central banks that met outside of London had reaffirmed that the existing fiscal and monetary policies should be for domestic concerns and not for currency manipulation.
In an interview with reporters while hosting a two day meeting with G7 finance ministers and heads of their respective central banks 40 miles outside of the city of London, he said, "We will not target exchange rates."
The talks, he said, focused on the current and unfinished banking reforms, five years after the 2008 financial crisis.
He added, "It is important to complete swiftly our work to ensure that no banks are too big to fail. We must put regimes in place to deal with failing banks and to protect taxpayers and to do so in a globally consistent manner."
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