(VOVworld)- German Finance Minister Wolfgang Schauble says finance ministers and central bank governors of the group of 7 industrial countries have reached a consensus on ways to cut public debts and budget deficits as well as promote sustainable growth.

German Bundesbank president Jens Weidmann (R) and German finance minister Wolfgang Schäuble address a news conference at the G7 finance ministers and central bankers meeting in Dresden, Germany. Photograph: Reuters

Speaking at a press conference at the end of the G7 Finance Ministers and Central Bank Governors’ Meeting in Dresden, Germany, the German Finance Minister stressed the need to promote economic restructuring in several countries. G7 finance ministers agreed to step up their crackdown on international tax avoidance through joint audits and greater co-operation among national tax authorities. The urged developing countries to join this effort and said they were ready to help build a code of conduct for tax management.