Treasury Director General Vittorio Grilli at the News Conference of the G7 Finance Ministers’ Meeting
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Speaking at a news conference after the meeting of the G7 Finance Ministers and Central Bank Governors, Italian Treasury Director General Vittorio Grilli stressed that the member countries consider it their top priority to stabilise the real economy and the money markets. Grilli explained that the G7 analysed the effectiveness of the measures that each individual country has adopted to date on the basis of three main areas of intervention: greater liquidity, a strengthening of the financial institutions and the elimination of "toxic assets." Grilli went on to discuss the future measures that it is going to be necessary to adopt fairly promptly, based on a combination of expenditure and tax breaks. He stressed that these measures must not be designed to improve the current economic situation alone, but also to boost growth and long-term productivity. The tax measures, he added, must be temporary. And all of this, in a context marked by the rules of the free market and of free trade. The International Monetary Fund and the other financial institutions, the Treasury's director general said in conclusion, have an important role to play in determining where the weaknesses lie and in proposing solutions designed to restore confidence and certainty on the financial markets.
