Group of Seven finance ministers said they will agree to common rules to force banks to pay for possible failures after the financial crisis saddled taxpayers with trillions of dollars in liabilities.

Without giving details of how the plans will work, the ministers said Saturday that the world's most advanced economies should adopt common rules as long as other major countries also agree. Earlier Saturday, a British official, speaking on condition of anonymity, said the G-7 is moving closer to an agreement on a bank insurance levy, one of a range of options proposed by the U.K. in November.

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