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Paris the Group of seven Nations agree to take coordinated action to secure liquidity and supporting the functioning of financial markets, financial stability and economic growth, G7 Finance Ministers and Central Bank Governors, said in a statement.
"These actions, along with continued efforts of fiscal discipline will enable long-term sustainability of Public Finances," said the statement issued early on Monday.
"No change in the fundamentals of financial guarantees the recent tensions faced by Spain and Italy. We welcome additional policy measures announced by Italy and Spain to strengthen fiscal discipline and support the upswing in economic activity and job creation, "he added.
Senior officials conferred by phone before the opening of the Asian financial markets such as financial crises on both sides of the Atlantic has threatened to escalate.
In separate efforts to prevent panic, the European Central Bank has reported would begin to buy Italian and Spanish debt, while the United States Treasury Secretary Timothy Geithner said Treasury securities are just as strong as they were before a potentially damaging debt downgrade from Standard Poors & on Friday.
G7 officials said in their statement that would closely consult on action on currency markets and would be appropriate on a foreign currency.
"Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability," they said.
(Reporting by Geert De Clercq; Editing by Michael Roddy and Chizu Nomiyama)
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