This week's In the News chronicles October 1998 Group of Seven (G7) action to remedy world financial crises. The ten resources discussed offer news, opinion, and policy responses from major world financial institutions. Following international criticism of IMF and World Bank measures to aid economies in crisis (described in the October 8, 1998 Scout Report for Business & Economics
), the G7, or Group of Seven wealthiest nations of the world, met on October 30, 1998 to secure additional funding for lending institutions. After the meeting, finance ministers from the US, Canada, Japan, Germany, Italy, France, and Britain approved plans to increase International Monetary Fund reserves by $90 billion and solicited a new emergency lending fund by the World Bank, the IMF's sister institution. Possible private sector involvement in G7 financial bolstering activities has not been disclosed, although G7 leaders called for increased regulation of high risk transactions, particularly hedge funds.
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