G7 nations call for urgent reform of world finance

The worlds richest nations called on Saturday for urgent reform of global finance to save the world from the economic devastation that is dragging more and more countries into recession. Italys Finance Minister called for a new world economic order as he wrapped up the crisis summit of finance leaders from the Group of Seven leading economies here.

In a joint declaration,the G7 called for urgent reforms of the international financial system,after talks on forging a way out of the world economic crisis.

A new world economic order might seem rhetorical, Tremonti told reporters. But it is a true goal we should be aiming towards. US Treasury Secretary Timothy Geithner vowed that his country would work with other nations for a consensus on reforms.

We need to begin the process of comprehensive reform of our financial system and the international financial system,so the world never again faces a crisis this severe, Geithner said in a statement after the talks.