Rome-Today-a word from the world bank president

G7 finance ministers reject protectionist measures
The collectivists are wasting no time.
...World Bank President Robert Zoellick, who is also attending the meeting, told Italian bankers on Friday that any effort to keep bailout money at home would only worsen the global crisis, not resolve it.
"In this moment, economic nationalism is neither economic nor nationalistic ... what might be politically correct might be economically incorrect," Zoellick said. "The pull of national politics is very sharp but it's clear that the issues we are dealing with don't stop at national borders."
Looking ahead, the ministers hoped to have written, common principals of transparency within four months, in time for the Group of Eight summit in Sardinia in July.

...Geithner, who arrived after a week of widespread criticism over the rollout of the administration's new bank bailout plan, got a boost with Friday's passage of President Barack Obama's $787 billion plan to resuscitate the economy.
The ministers from Britain, Canada, France, Germany, Italy, Japan and the United States, along with their central bankers, are looking for agreement on common approaches to the crisis, with the United States pushing for a bold approach to match its stimulus package.

http://news.yahoo.com/s/ap/20090214/ap_on_re_eu/eu_italy_g7

(from the international herald and tribune)
Bloomberg reporter
G-7 losing savior status
The emergent power of the G-20 "is a recognition of new realities," said Joseph Stiglitz, a Nobel economist who teaches at Columbia University. "It's effectively recognition by the G-7 that they don't have the money. The money is in Asia, the Middle East."
It is that manifesto rather than anything the G-7 has produced that is now garnering international attention. G-20 heads will meet in London April 2 to seek ways to carry it out.