G7 finance ministers and central bankers arrived in Canada's far north Friday for two days of talks aimed at keeping a tentative global economic recovery on course. They will gather for a dinner meeting at 6:45 pm (2345 GMT) at a hotel restaurant in this wind-swept, snow-covered town of 6,000.
The International Monetary Fund, the Financial Stability Board and the European Commission will also participate. Delegates plan to meet again the following day at the Nunavut legislative assembly and wrap up the conference in the afternoon. Host Canada said it wants the Group of Seven to return to its "roots" with "smaller," informal" and "frank" discussions.
Delegates from the United States, France, Germany, Italy, Japan and Britain were asked to leave their suits and ties at home and wear warm sweaters instead for the gathering some 2,000 kilometers (1,240 miles) north of Montreal. In Iqaluit, the G7 will not publish an end of conference statement outlining ideas or measures for their respective governments to enact. This process usually dominates much of the talks and requires substantial advance negotiations.
Instead, ministers will hold a press conference Saturday with Canadian Finance Minister Jim Flaherty summarising what was said behind closed doors. The host country has also promised finance ministers and central bankers a taste of Inuit culture during their stay, including dog sled rides and a community feast where they can sample raw seal meat.
Discussions will focus on current economic conditions as G7 countries look to solidify a fragile recovery, and on global financial regulations to curb the excessive risk-taking that fuelled a near-meltdown of the global financial system. Managing the financial system is likely to be the most contentious issue.
France, Germany and Italy are expected to renew their call for international regulations to curb excessive speculation across borders. German Finance Minister Rainer Bruderle said Tuesday that no nation on their own could hope to reform the financial markets. A senior US Treasury official meanwhile said the "undervalued" Chinese yuan would also be discussed because it underpins trade, competitiveness and capital flow issues.
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