Its board of governors could be appointed by the G-7 or the Bank of International Settlements--or by both.
Spanish Foreign Minister Jose Manuel Garcia-Margallo said Spain would also raise the issue with the IMF, the World Bank and the G-20.
The U.S. Treasury is expected to give details on its bad bank plan before the G-20 meeting on April 2.
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G-7 members and central bank governors yesterday issued a statement saying they would not target exchange rates, which could allow the yen to continue to bleed lower.
Robinson argued that new money flows -- such as the "bridge loan" being contemplated by the G-7 through the multilateral Bank for International Settlements -- under current circumstances would represent "a bridge to nowhere" and end up costing Western taxpayers dearly.
Rauf said that the three potential targets given to them were the Bank of England, the upcoming G-8 summit in Gleneagles, Scotland, scheduled for July 6-8, 2005, or the London Underground.
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The markets opened on news that Australia is the first G-20 country to see its central bank raise interest rates, a vote of confidence in the global economic recovery, at least for asset-rich countries with emerging-market ties like Australia.
Before the G-20 meeting, China's central bank chief, Zhou Xiaochuan, floated the idea of dumping the U.S. dollar as the world's reserve currency, replacing it with a super-sovereign international reserve currency.
During the recent IMF-World Bank annual meetings in Bangkok, the G-7 nations publicly feigned consensus on providing emergency financial aid to the former USSR to help avoid a foreign debt payments crisis.
Fresh from a series of meetings in Washington that included the G-20 and a summit with the IMF and World Bank, Mantega highlighted the virtues of the Brazilian economic model which has made it the seventh largest economy in the world.
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Ahead of the inevitable debates over currencies at the G-20 meeting in South Korea this week, the World Bank's president has put in his two cents over how best to reform the global currency markets: the world's leading economies should at least consider readopting a gold standard.
Finance ministers from the G-20 on Friday expressed agreement that Japan needs to support its sluggish economy, and that the Bank of Japan's new monetary policy was aimed at defeating inflation, not weakening the yen.
The G-7 officials will also meet with President Bush and the chiefs of the International Monetary Fund and the World Bank early Saturday morning.
The G-7 will not only meet Friday afternoon, but also with President Bush and the heads of the World Bank and the International Monetary Fund Saturday morning.
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