G7 finance ministers to meet in London

Finance ministers from the G7 group of industrialized nations are set to begin a two-day meeting here on Friday, to discuss banking reforms in the aim of avoiding another 2008 global financial crisis. UK Chancellor, George Osborne, said in statements to the BBC that the G7 that is comprised of the United States, Germany, Japan, the UK, Italy, France and Canada, will discuss ways to "nurture and recover". "There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year," he said. The BBC reported that the closed door meeting is a rarity, because in recent years the G7 have tended to get together on the sidelines of the G20 and the International Monetary Fund (IMF) meetings. The meeting will be informal and there will be no communique.