G7 has called for urgent reform of global financial system.

Finance Ministers of Group of Seven "(G7) to the outcome of the summit in Rome adopted a declaration which called for urgent reform of global financial system. As stated in the document, the global crisis had demonstrated its "fundamental weakness", reported AFP.
The summit declared that the priority of the G7 is to stabilize the world economy and financial markets. The Minister noted that the "Big Seven" remains opposed to protectionism in the economy.
The authors of the statement approved economic incentive programs adopted in many countries around the world, and noted that the measures will give tangible effect only after a while. As stated in the declaration, the world economy is in crisis during most of 2009, reports Bloomberg.
The reform of the global financial system will be discussed at the second summit of the so-called "Group of Twenty" (G20), which will be held in April in London. Following the first such meeting held last November in Washington, it was decided to develop concrete proposals for global regulation of the economy.