G7 Finance | Multilateralism is needed to get out of the crisis

(London) Large financiers from industrialized countries requested on Friday at the end of the G7 Finance meeting for more multilateralism in the way out of the crisis, with climate, digital taxes on aid to poor countries and heartfelt discussions.

France Media Agency

Under the chairmanship of the United Kingdom, finance ministers and central bankers from Canada, France, Germany, Italy, Japan and the United States met at midnight via videoconferencing.

Meeting under the British Presidency

He was accompanied by the leaders of the European Central Bank (ECB), Eurogroup, IMF and World Bank, all headed by Treasury Chancellor Sage Craze, and Bank of England Governor Andrew Bailey.

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

The latter emphasized “the Biden administration’s commitment to multilateralism”, according to a statement from the US Treasury, confirming the change of speech compared to Donald Trump’s presidency.

He also recalled the “importance” of fiscal stimulus to be sure, while a massive $ 1900 billion bailout is being debated in Congress in the United States.

The meeting serves as a prelude to a summit of heads of state and government of the G7 scheduled for June 11 to 13 in Cornwall (south-west of England).

According to a statement from the UK’s Ministry of Finance, the Sage Craze called on its counterparts to help the most vulnerable countries in 2021, and to make climate a central priority for “green” economic recovery following the epidemic.

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Prompt and fair delivery of vaccines

Climate issues top the agenda for London, which assumes chairmanship of the UN Security Council from February and will host COP26 in Glasgow in November.

The British minister called for rapid and fair distribution of vaccines worldwide, insisting that international financial institutions should equip themselves with the right tools to help poor countries meet the challenges of the crisis.

On his Twitter account, David Malpas, president of the World Bank Group, told him about “a good discussion on inequality, vaccination, climate, vulnerabilities and the need to implement a common framework in a debt meeting”.

Similarly, still on Twitter, IMF managing director Kristalina Georgieva announced a “substantial meeting” and convergence of ideas on how to get out of the crisis and the climate.

Finally, London stated that G7 Finance had recognized the need to make progress to reach an international solution for the implementation of a tax on digital giants that emerged as big winners from the epidemic while an unprecedented economic contraction in many countries is.

The UK aims to meet the deadline set in mid-2021 by the G20 to agree on the subject.

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

On digital tax, “we should reach an agreement this summer”, also wished French economy minister Bruno Le Myre.

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

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