J7 Finance | The way out of the crisis requires pluralism

(London) Major financiers of industrialized countries appealed on Friday at the end of the Group of Seven (G7) meeting for more multilateralism on the way out of the crisis, with climate, aid to poor countries, and digital tax at the center of the discussions.


France Media

Under the leadership of the United Kingdom, finance ministers and central bank governors in Canada, France, Germany, Italy, Japan and the United States met at midday for a videoconference.

Meeting under the British presidency

They were accompanied by the leaders of the European Central Bank (ECB), the Eurogroup, the International Monetary Fund and the World Bank, all headed by Treasury Secretary Rishi Sunak and the Governor of the Bank of England, Andrew Bailey.

It was the first G7 financial firm since the election of Joe Biden, in the presence of US Treasury Secretary Janet Yellen.

The latter insisted on the “Biden administration’s commitment to multilateralism,” according to a statement issued by the US Treasury Department, stressing a change of speech compared to Donald Trump’s presidency.

She also pointed to the “importance” of the financial stimulus to ensure the recovery, while the giant rescue plan of 1900 billion dollars is being discussed in the United States in Congress.

This meeting is a prelude to the Summit of Heads of State and Government of the Group of Seven major industrialized nations to be held from June 11 to 13 in Cornwall (southwest England).

According to a statement from the UK Treasury, Rishi Sunak called on his counterparts to act to help the most vulnerable countries in 2021, making the climate a central priority in order to achieve a “green” economic recovery after the pandemic.

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Rapid and fair distribution of vaccines

Climate issues are high on the agenda for London, which will hold the presidency of the United Nations Security Council from February and host COP26 in Glasgow in November.

The British minister called for the rapid and fair distribution of vaccines around the world, stressing that international financial institutions must equip themselves with appropriate tools to help poor countries respond to the challenges of the crisis.

Sur son compte Twitter, le président du Groupe de la Banque mondiale, David Malpass, a lui évoqué une «bonne discussion sur les inégalités, les vaccinations, le climat, les vulnérabilités et le besoin de mettre en place un cadre commun sur la réunion de Religion “.

Likewise, the Managing Director of the International Monetary Fund, Kristalina Georgieva, continues on Twitter to announce a “substantive meeting” and a convergence of views on the way out of the crisis and the climate.

Finally, London added that G7 Finance has recognized the need for progress to reach an international solution on implementing a tax on the digital giants who have emerged as big winners from the pandemic while many countries have faced an unprecedented economic downturn.

The UK’s goal is to meet the deadline set by the G20 in mid-2021 to agree on this topic.

The Chancellor wanted the work to take place at the level of the G7, G20 and OECD.

Regarding digital tax, “we must reach an agreement this summer,” as French Economy Minister Bruno Le Maire hoped.

He also insisted on “the need for close coordination of our recovery plans” and “the importance of continuing to work on the debts of poor countries.”

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