The Group of Seven nations and other major economies will conduct the first joint field test of coordinated measures aimed at minimizing panic and preventing a domino effect when megabanks and huge hedge funds collapse, a Japanese government source said Saturday.
If realized, the joint drill will be the first international attempt to establish a policy coordination framework to deal with the risk of cross-border economic crises.
The agreement was reached at a March 22-23 meeting in Washington of the Financial Stability Forum, which is made up of international financial institutions and the G7 nations — Britain, Canada, France, Germany, Italy, Japan and the United States, the source told Kyodo News.