Embassy of the United States Ottawa, Canada

Treasury Secretary Timothy Geithner led the U.S. delegation to the G7 meeting in Marseille, France.

Finance officials from the Group of Seven (G7) industrialized nations pledged to work together to support the global economy as it faces "significant challenges" to recovery.

"We are taking strong actions to maintain financial stability, restore confidence and support growth," the group said in a communiqué issued September 9 at the top of a three-day meeting in Marseille, France.

Noting widespread fiscal deficits, heightened tensions in financial markets and the sovereign debt crisis in Europe, the G7 said there are "clear signs of a slowdown in global growth." But the group pledged a "strong and coordinated international response" to these challenges.

The financial leaders from the United States, Britain, Canada, France, Germany, Italy and Japan said concerns over the pace and future of the recovery underscore the need for a concerted global effort in support of "strong, sustainable and balanced growth."

"We must all set out and implement ambitious and growth-friendly fiscal consolidation plans rooted within credible fiscal frameworks," the group said, pointing to a package President Obama put forth to strengthen growth and employment in the United States through public investments, tax incentives and employment measures while implementing reforms to restore fiscal sustainability.

The G7 also highlighted work European countries are doing to address financial tensions through structural reforms, and commended Japan's implementation of substantial fiscal reconstruction measures after the devastating earthquake, tsunami and nuclear disaster in March.

The group emphasized the importance of achieving fiscal adjustment plans while supporting economic activity, and said monetary policy will maintain price stability and continue to support economic recovery. It also reaffirmed member countries' shared interest in a strong and stable international financial system, and said the group will "take all necessary actions to ensure the resilience of banking systems and financial markets around the world."

The G7 said it looks forward to working with colleagues in the Group of 20 and the International Monetary Fund (IMF) in the coming weeks to rebalance demand and strengthen global growth by implementing a series of structural reforms.

U.S. Treasury Secretary Timothy Geithner said the global economic recovery is in the midst of a slowdown, and there are limits on what policy can do to help strengthen growth.

But in a September 8 statement, Geithner named three important steps financial leaders should take to regain momentum. First, he called for the U.S. Congress to pass Obama's American Jobs Act package to strengthen growth and employment. He also said Europe should restore confidence that it can resolve its debt crisis by enhancing cooperation between sovereign governments and the European Central Bank, ensuring governments can borrow at sustainable interest rates as they reform. Finally, he called on China and other emerging economies to continue to strengthen domestic demand while allowing their exchange rates to adjust to market forces.

"The outlook is not all dark," Geithner said, pointing to a recent drop in oil prices, continued growth in emerging markets and the IMF's forecast that the world economy will continue to expand at a moderate pace in coming months.

He said international cooperation will play a key role in strengthening the global economic recovery. Geithner added that, while much work remains, the world community is "better off doing it together."

Related: Geithner Op-Ed: "What the world must do to boost growth"