All eyes will be on Paul O'Neill at the upcoming meeting of finance ministers and central bank chiefs of the Group of Seven industrialized nations in Palermo, Sicily.

The U.S. Treasury secretary is the new kid on the block and people are worried about the prospects for the American economic dynamo.

But neither O'Neill nor the U.S. economy deserve that much attention. In attending his first G7 meeting, the new Treasury secretary will be there to listen.