According to the G8 countries finance ministers, the world’s largest economies are beginning to stabilise but still face major risks amid an ongoing global recession. At a meeting in Italy of G8 nations, the ministers said stock markets were rising, interest rates more stable, and consumer confidence was returning.

However, US Treasury chief Tim Geithner led warnings that it was too early to wind down economic stimulus packages. He said they should remain in place until a global recovery was under way.