The G7 finance ministers are meeting in Rome today. The G7 is comprised of the United States, France, Italy, Germany, Britain, Japan and Canada.
G7 OPPOSES 'PROTECTIONIST' MEASURES
Eric Reguly writes in today's Globe and Mail that, "A draft declaration circulating last night said the G7 countries will commit to avoid protectionist measures...The final declaration is to be released this afternoon in Rome, at the end of the two-day conference."
But despite the G7 opposition to protectionism, "President Nicolas Sarkozy last week agreed to give Renault SA and PSA Peugeot Citroën, France's two biggest auto makers, €3-billion ($4.76-billion) each in preferential loans on the condition they don't close French car plants or fire their workers. The offer came shortly after he urged Peugeot Citroën to close factories in Slovakia and the Czech Republic to spare jobs at home, infuriating the leaders of the two small, struggling countries."
"Italy has also linked aid to certain industries to domestic job retention."