Group of Seven finance ministers and central bank governors discussed Europe’s progress toward fiscal union on a call today, a G-7 official said.

“The G-7 counterparts reviewed developments in the global economy and financial markets and the policy response under consideration, including the progress towards financial and fiscal union in Europe,” the official said. “They agreed to monitor developments closely ahead of the G-20 summit in Los Cabos.”

Separately, a Bundesbank official said “progress toward real fiscal union is crucial for resolving the euro-region crisis.”

To contact the reporter on this story: Jana Randow in Frankfurt at jrandow@bloomberg.net

To contact the editor responsible for this story: Matthew Brockett at mbrockett1@bloomberg.net