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G7 finance ministers meet to to discuss economic recovery

A meeting between finance ministers from the G7 group is set to commence today (10 May) with banking reforms at the top of the agenda.

In recent years, the G7 group has met on the back of G20 summits or the International Monetary Fund meetings.

The G7 is comprised of the US, Germany, the UK, Japan, Italy, France and Canada.

UK chancellor George Osborne is chairing the meeting and he said the group will be focusing on how to nurture the economic recovery and banking reforms.

"There is no doubt that there is greater stability - and that is reflected in financial markets - than perhaps there was last year," he remarked.

Mr Osborne recently named Mark Carney as the next governor of the Bank of England and the two will meet during the talks. Mr Carney will step down as the head of Canada's central bank in June.

Current governor of the Bank of England Sir Mervyn King will be relinquishing the role after ten years.

By Gary Cooper