Group of Seven Reviewed Fiscal Union Progress in Europe
June 5th, 2012 | 
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On Tuesday, Group of Seven finance ministers and central bank governors reviewed developments in the global economy and financial markets as well as “the progress toward financial and fiscal union in Europe,” according to the U.S. Treasury Department.
“The G-7 counterparts reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe,” a G-7 official said.
“They agreed to monitor developments closely ahead of the G-20 summit in Los Cabos.”
The European economic crisis intensified last week with speculation that Greece could leave the eurozone after upcoming elections scheduled for June 17, according to sources.
The Group of Seven includes the countries of France, Germany, Italy, Japan, United Kingdom, United States and Canada.This group meets several times a year to discuss economic policies.
The United States is represented at G-7 finance discussions by Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke.
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