A few days ago we mocked Morgan Stanley's call that the G7 would proceed with a global easing episode over the weekend. We may have been slightly premature. From Reuters: "Group of Seven finance chiefs meeting in southern France are considering issuing a communique after their talks, a G7 source said on Friday. G7 chair France had said there would be no communique from the talks, but the source said the issue was now being debated and there was a 50 percent chance of a statement. The source said if there was a communique it would talk about the global economic slowdown, financial market turmoil and the policy tools different countries could use, but it would not make any reference to concerted interventions."
As a reminder, from Morgan Stanley: