Meeting of the G7, Palermo, February 2001

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Palermo G-7 conference
Mainichi Shimbun, 21 February 2001. The G-7 economic conference in Palermo, Italy, was the first to be held since the inauguration of the Bush administration, so considerable attention was focused on the type of demands that U.S. Treasury Secretary would make upon Japan. Japan's efforts to reform its economic structure, fiscal policies and financial system have all been half-hearted. The world no longer expects Japan to serve as a locomotive for the global economy.
US signals hands off world economy ahead of G7 meet on IFIs reform
World Bank, Development News, 15 February 2001. US Treasury Secretary Paul O'Neill yesterday indicated the new US administration would take a strongly skeptical view of official intervention in global markets to help stabilize the world economy. He rejected the notion that crises were an inevitable feature of capitalism requiring an official backstop to help resolve them.