The finance ministers and central bankers of its member states today reaffirmed their “commitment to multilateral cooperation” to manage the risks facing the , following the two-day meeting of the Group of Seven ministers in .
This “underscores the commitment of international partners to promote resilience, progress and economic growth in order to ensure shared prosperity,” the participants added in a joint communiqué, released after discussions were expanded today to include other invited countries (Kenya, Brazil, India and South Korea).
The French presidency was hoping for this renewed commitment during a period of geopolitical turmoil.
What do central banks say?
Central banks, which took part in the discussions, reiterated their “unwavering determination to maintain price stability and ensure the sustainable resilience of the financial system”.
“Monetary policy will continue to be data-driven: central banks are closely monitoring the impact of energy and other commodity price tensions on inflation, inflation forecasts and economic activity,” the statement said.
Honest and difficult conversations
French Finance Minister Roland Leschier spoke of “honest, sometimes difficult, direct discussions to find long-term and short-term solutions to major global economic challenges in order to ensure economic stability.”
In a press conference given by Leskir, he emphasized that the finance ministers of the G7 (Canada, France, Germany, Italy, Japan, the United Kingdom and the USA) demand, in particular, the opening of the Straits of Hormuz, this strategic sea route for hydrocarbons and fertilizers, which has been blocked by Iran since the start of the war in the Middle East.
Pressure on Russia
Ahead of the G7 leaders’ summit in Evian from June 15 to 17, “I think we have made significant progress so that our leaders can, I hope in any case, complete it on such important issues, very specifically, like critical minerals and addressing global imbalances,” he also said.
The French finance minister also confirmed the G7 countries’ “willingness” to “keep the pressure on Russia” to prevent it from profiting from the war in Ukraine and the Middle East.
The United States announced on Monday that it is extending a temporary suspension of sanctions on Russian oil loaded on ships to moderate a rise in crude oil prices as a result of the war in the Middle East.
