U.S. Treasury Secretary Henry Paulson promises support and confidence for
the slowing U.S. economy as G7 remains wary on economic stability.

WASHINGTON D.C. UNITED STATES (APRIL 11, 2008) REUTERS-

  The global economic outlook has deteriorated because financial
market turmoil has proven more protracted than expected, the Group of Seven
finance chiefs said in a communiqué after meeting on Friday (April 11).
    "We remain positive about the long-term resilience of our
economies, but near-term global economic prospects have weakened," the
finance ministers and central bankers from the seven rich nations said.
"The turmoil in global financial markets remains challenging and more
protracted than we had anticipated."
    The finance leaders from the G7 -- the United States, Britain, Canada,
France, Germany, Italy and Japan -- expressed concern in the statement about
the sharp moves in currency values seen since they last met in February.
    "Since our last meeting, there have been at times sharp
fluctuations in major currencies, and we are concerned about their possible
implications for economic and financial stability," they said. 
  After the G-7 meeting, U.S. Treasury Secretary gave a new conference in
Washington D.C. reiterating support for the U.S. dollar and saying despite the
tough times, he was still confident about the U.S. economy.
  "I am not minimizing the risk or watching the risk but again this is
a big diverse fundamentally strong economy, we are going through a tough
period right now but again I am more optimistic than some of the naysayers,
and I think there is that understanding that everybody is looking at the U.S.
economy carefully and they are also looking at their own economies. People are
being vigilant," Paulson said.