G7 discussed joint action if market moves irrational
BRUSSELS, Feb 11 (Reuters) - Finance ministers and centralbankers from the Group of Seven industrialised nations discussed collective action to calm markets if price moves become irrational, Eurogroup Chairman Jean-Claude Juncker was quoted as saying on Monday.
Juncker, who chairs the Eurogroup -- the monthly meetings of the ministers and the European Central Bank, told the Luxemburger Wort newspaper in an interview that turbulence on financial markets could continue for months.
"We are not yet at the end of the market crisis," Juncker was quoted as saying.
"The corrections will drag on for a few weeks, months. We have agreed in Tokyo that if there are irrational price movements in the markets, we will collectively take suitable measures to calm the financial markets," he said.
Asked what form such collective action may take, he said:
"Whoever has a strategy, should not set it out. Otherwise it will lost its effect if it is explained."
Oui, Monsieur Junckers. And we, the populus, should have a plan for dealing with willfully irrational financial systems as well.
