Provisional translation

Press Conference by Shoichi Nakagawa, Minister of Finance and Minister for Financial Services


February 10, 2009

[Question and Answers]


This weekend, a G-7 meeting is scheduled to be held in Rome. Could you explain the significance of this G-7 meeting that follows the financial summit that was held to discuss the financial crisis? Also, as this will be the first time for Treasury Secretary Geithner to attend a G-7 meeting after the inauguration of the Obama administration, what role would you like the United States to play?


I think that the G-7 meeting scheduled for this weekend can be seen as a precursor meeting to the G-20 summit that will be held in London. At the same time, G-7 meetings have been held for a long time, and we are facing very severe global economic and financial conditions, as we were on the occasion of last year’s G-7 meeting. In particular, Mr. Geithner has become my U.S. counterpart under the new Obama administration, and I had telephone conversations with him yesterday. I hear that in the United States, Congress is deliberating how to use TARP (Troubled Asset Relief Program) and new rescue legislation. So, in London, I would like to have frank exchanges of opinions about the situations in individual countries, particularly the United States, including developments related to the “Buy American” provision, in preparation for the April meeting.


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