G7 pledges to support financial stability

Financial chiefs and central bankers of the G7 nations pledged to take all necessary measures to support financial stability and growth as nervous global markets re-opened. A statement issued by them said, they were committed to taking coordinated action where needed, to ensuring liquidity, and to supporting financial market functioning, financial stability and economic growth.

The European Central Bank, ECB said, it would make major purchases of Eurozone bonds in the latest move to stem a debt crisis that has world leaders scrambling for a global response. The ECB said, it would actively renew the bond purchases after Italy and Spain announced new measures and reforms to boost their economies and France and Germany pushed for full and rapid implementation of terms agreed at an emergency summit last month.