The meeting of the world’s most powerful economic policy makers has delivered an upbeat assessment of the global economic outlook.
The positive note was sounded at the end of the Group of Seven (G7) summit attended by finance ministers and central bank chiefs from the world’s wealthiest industrialised nations - the US, Japan, Germany, France, Italy, Britain and Canada.
"We discussed the global economic outlook and the current slowdown. We are in agreement that we expect it to be short-lived," said Canadian Finance Minister Mr Paul Martin, the chairman of the two-day meeting.
The meetings, held in Ottawa, took place amid the clang of pots and pans banged together by small groups of anti-capitalist demonstrators who staged low-key demonstrations in the Canadian capital protesting against G7 policies.
At one stage protesters, scampering across a frozen lake, got to within shouting distance of the government retreat where the meeting took place. Others also trampled a large and obscene anti-G7 message into the snow within clear sight of the ministers.
But the protests were far smaller than at previous international gatherings and the demonstrators, bundled up against the cold, were quickly turned back by police on snowmobiles.
The G7, in language identical to that used in previous statements, promised to monitor exchange rates and cooperate as they felt appropriate. But they did not mention individual currencies by name, and officials said foreign exchange rates had not been a topic, even on the sidelines.
"No country brought up the issue of currencies at the meeting today," said Japanese Finance Minister Mr Masajuro Shiokawa.
Ministers admitted the signs of strengthening economies seem to come mostly from North America, where both the United States and Canada appear to be shaking off the worst of a slowdown deepened by the crash in consumer confidence after the September 11th attacks.
But even Europe appeared to be looking up, and the head of the German central bank said he thought the worst was over for Germany. "There are not conclusive signs of a turnaround yet, but I think the whole picture justifies some cautious optimism," Mr Ernst Welteke told a news briefing.
The main risks center on Argentina and Japan, both mired in recession, and on separate economic tracks that do not lead clearly and obviously to success.
The G7's final communique threw Argentina a crumb of comfort by welcoming its latest policy measures as "steps in the right direction."
But the G7 stressed that Buenos Aires needed to work closely with the International Monetary Fund (IMF) to draw up a sustainable program that will enhance the chance of growth.
"We agreed that the authorities must work closely and cooperatively with the IMF on economic programs that are both financially and socially sustainable," Mr Martin said.
"The main responsibility for defining a coherent strategy must remain with Argentina itself, as it does, indeed with every other country."
Argentina, Latin America's third largest economy, has abandoned its policy of pegging its peso currency to the dollar and will allow the peso to float - or sink - next week and the government is desperate for words of support from the international community and new loans from the IMF.
Japan's seemingly endless recession is also a major trouble spot, and Mr Shiokawa promised action to stem a stock market slide that has brought Japanese stock prices to an 18-year low.
US Treasury Secretary Mr Paul O'Neill said no novel ideas had been advanced and that it was "up to the Japanese" to take the actions necessary to ensure its economy begins to contribute to global growth.
"It is very important that Japan be an engine of growth for the world economy. It's up to them to do that," he said.
Another focal point of the discussions were efforts to choke of the flow of funds to terrorist groups like those held responsible for the September 11th attacks on the United States.
A G7 statement promised tough measures to intercept money flowing through the global banking system, and cooperation between countries to prevent any repetition of the Sept. 11 attacks.
"We will develop a mutual understanding of the information requirements and procedures that different countries can use to undertake freezing actions," the G7 said, noting that more $100 million of suspected funds intended for terrorist activities have been frozen since September 11th.