Vague commitments and lack of action by Member States underlined the differences between Europe G7 and the United States, but also reduced the space for maneuver in the face of the worst crisis of confidence in credit crisis Reuters.
After weeks of turmoil on financial markets, finance ministers and central bank heads promised G7au a coordinated response at a meeting held Friday night and Saturday in Marseille, but did not provide clear measures and had different positions on the crisis in Europe .

While the U.S. has asked the largest European economies to provide support "threshold" states on the periphery, facing a debt crisis threatening the global recovery, Germany, the main financial strength of the euro area, said the priority is to reduce deficits.

"There is no direction, a situation expected otherwise, given that there is no agreement on tax policy between the U.S. and Europe, as there is no agreement on the money," said Gilles Moec, an economist at Deutsche Bank London.

"In a way, communication is a list of problems faced by authorities," said Moec on a press release issued by the G7 meeting at the end of the insistence of France.

Although initially announced that it is not necessary a statement, France finally found it would be useful to send a signal to drive the financial markets after Wall Street dropped to 3% on Friday.

"Communication has been given to the French insistence, but in reality means nothing. We can not even agree on issues. How to get along in the analysis?" Said one delegate G7.

Financial markets are in a period of increased volatility, Friday's announcement were affected the most important German official resignation from the European Central Bank (ECB) in protest against the bond purchase program of the institution. European leaders highlighted divisions resignation, as illustrated G7 global disputes.

Terms of final release, less engaged than those of a regular G7 statement, acknowledged the tensions in the market and clear signs of an economic downturn worldwide.

"We decided on a strong and coordinated response at international level on these challenges," reads the document, without giving details, except for a friendly call to tax adjustments do not affect economic growth.

The communiqué, the G7 expressed support for the 447 billion dollar plan announced by U.S. President Barack Obama, and the decision in July to increase the powers of Europe fund for stabilizing the euro area.

Before the meeting there has been speculation that central banks could decide a package of coordinated measures to stimulate the economy, including non-conventional interventions, but a second delegate said that such a topic was not even discussed.

"It is not realistic to expect that financial markets put hundreds of billions on the table every time we meet," he said.

Geithner expressed in the meeting but since the end, trust that the government will get U.S. congressional approval for at least part of Obama's plan, despite opposition Republican, added another delegate.

In most of the meeting was discussed the debt crisis in Europe and the situation of banks in the region, U.S. officials said.

To calm fears about the financing of European banks, ECB President Jean-Claude Trichet, said at the meeting that credit institutions have assets of 5,000 billion dollars that they can use to access funds from the central bank.

However, while Japan said it had received approval for unilateral measures G7 exchange rate, delegates attended the meeting said that the issue was not discussed in depth, and the language used was simply communicated taken from the front.