As concern about the eurozone’s crisis spread around the world, the finance ministers and central bankers of the G7 group of industrialised countries held a conference call on Tuesday (5 June) to discuss the latest problems.

A statement issued afterwards by the US Treasury, which currently holds the chair of the G7, said governments were monitoring progress towards “financial and fiscal union”.

“The G7 ministers and governors 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,” the statement said.

It added that the ministers agreed to “monitor developments closely ahead of the G20 summit”, which will take place in Los Cabos, Mexico, on 18-19 June.

‘Regular talks’

The European Commission played down the significance of the conference call, saying on Tuesday that it was a “regular” discussion, typical of those arranged in the run-up to a G20 summit and was not a response to new worries over Spain’s wobbling banking sector.

The eurozone’s woes are now expected to be the main focus for the G20 summit, which will bring together the leaders of the G7 countries and those of the fastest developing economies, as well as José Manuel Barroso, the president of the Commission, and Herman Van Rompuy, the president of the European Council.

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