February 16, 2009

ROME (AP) — The Group of Seven finance ministers pledged Saturday to avoid resorting to protectionism as they try to stimulate their own economies in the face of the world's worst economic crisis since the 1930s. The meeting marked the international debut of U.S. Treasury Secretary Timothy Geithner, who assured his counterparts that President Barack Obama's $787 billion plan to resuscitate the economy, approved Friday, would not violate in any way the United States' commitment to free trade.

Geithner, who was among friends and colleagues he had worked with from his days at the Federal Bank, appealed to the "common imperative" to sustain open trade. "These are global challenges and it is imperative that we work together to address them," Geithner told reporters afterward. "Effective global response will require sustained action by governments working with the international financial institutions."

The meeting's host, Italian Finance Minister Giulio Tremonti, affirmed "strong agreement" among the ministers on rejecting protectionism. "It is a concrete danger, not only for economies that depend heavily on exports," he said. Even as gloomy economic news piled up — with Europe sinking deeper into recession and the G-7 itself saying the crisis will continue at least through the end of the year — the ministers touted in their final statement "the exceptional measures" that had been "collectively taken."