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Aug 6, 2011 8:42 AM by Trovette Tottress

G-7 to discuss central bank action

BRUSSELS (AP) - A person familiar with the matter says financial officials from the Group of Seven industrialized nations will discuss how to coordinate action between their countries' central banks following several days of market panic and a downgrade of the U.S. credit rating. The person spoke Saturday on condition of anonymity because the level and timing of the contacts are yet to be confirmed. Standard & Poor's U.S. credit rating downgrade on Friday added to growing fears over debt levels and economic growth in the world's biggest economy and in large European nations, like Italy and Spain. The European Central Bank has so far been reluctant to intervene in the Italian and Spanish debt markets. Many investors have also been calling for support action from the U.S. Federal Reserve.

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