Germany to focus on reforms, financial market, tax in G7

Germany wants to focus on the issues of structural reforms, financial market regulation and tax avoidance when it takes over the presidency of the Group of Seven (G7) next week, German media reported on Sunday.
Member states of the G7 group must "join forces to support an even stronger economic recovery," German Finance Minister Wolfgang Schaeuble and central bank chief Jens Weidmann said in a written message to other G7 members, according to report of the Handelsblatt business daily.
They stressed the need for "sound public finances and energetic structural reforms in order to achieve sustainable growth in the G7 countries and the global economy," the report said.
The question of whether saving or economic stimulus takes precedence has sparked international discussions. Amid the eurozone crisis, Schaeuble has been a champion of tough austerity and fiscal discipline as opposed to the stimulus spending advocated by crisis-hit countries in the single currency union.
Schaeuble und Weidmann also called for progress to address "the remaining gaps in financial market regulation", including OTC derivatives and shadow banks, the Handelsblatt said.
In addition, Germany wants to promote automatic exchange of tax information and the fight against tax avoidance by multinational corporations.
Germany will takes over the rotating presidency of the G7 on Tuesday, which also includes Britain, Canada, France, Italy, Japan and the United States.