Financial chiefs of the Group of Seven industrialized nations agreed Friday to take powerful steps to stabilize financial markets and promote fiscal consolidation, amid growing uncertainty and with no clear end in sight to the European debt crisis.

During a half-day meeting in the port city of Marseille, the G-7 finance ministers and central bank governors also agreed on the need to jointly tackle decelerating growth, as well as to cooperate in the foreign-exchange market when necessary.

"We are taking strong actions to maintain financial stability, restore confidence and support growth," they said in a statement released after the talks.