The 'Group of Seven' leading economic powers say they will take all necessary steps to ensure financial stability in the face of the current crisis over US and euro zone government debt level. The G-7 emergency statement is seen as an attempt to calm the financial markets after last week's turmoil. Financial chiefs and central bankers of the G7 nations said, they were committed to taking coordinated action where needed, to ensuring liquidity, and to supporting financial market functioning, financial stability and economic growth. The European Central Bank, ECB yesterday said, it will make major purchases of Eurozone bonds in the latest move to stem a debt crisis that has world leaders scrambling for a global response. The ECB said, it will actively renew the bond purchases after Italy and Spain announced new measures and reforms to boost their economies. France and Germany pushed for full and rapid implementation of terms agreed at an emergency summit last month.