Schaeuble urges G7 states to press on with reforms

German Finance Minster Wolfgang Schaeuble has urged the Group of Seven (G7) leading industrialised nations to push on with budget consolidation and reforms, days before Germany takes over presidency of the group, Reuters reported.
In a video message made available on Sunday, Schaeuble said Germany had three main aims during its tenure as president - bringing more momentum into the economy and creating sustained growth, bridging gaps in financial regulation, and working in closer international co-operation on tax evasion.
'The global economy has recovered well from the financial crisis. Now we need to consolidate this... We need sustainable growth ... for which solid state finances and less debt are crucial.'
Regulation of the shadow banking sector was another priority, he said.