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Reading: G7 finance chiefs address global economic uncertainty as US debt crisis looms
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Dailynewsegypt > Blog > Business > G7 finance chiefs address global economic uncertainty as US debt crisis looms
Business

G7 finance chiefs address global economic uncertainty as US debt crisis looms

Xinhua
Last updated: 2023/05/13 at 10:52 PM
By Xinhua 2 Min Read
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G7 finance chiefs address global economic uncertainty as US debt crisis looms
Group of Seven (G7) finance ministers and central bank governors attend a group photo session ahead of their meeting in Niigata, Japan, on Friday, May 12, 2023. From top left to right, Secretary-General of the Organisation for Economic Cooperation and Development (OECD) Mathias Cormann, President of the Eurogroup Paschal Donohoe, Deputy Governor of the Bank of England Jon Cunliffe, Commissioner for the Economy of European Commission Paolo Gentiloni, Governor of the Central Bank of France Francois Villeroy de Galhau, French Director General of the Treasury Emmanuel Moulin, European Central Bank President Christine Lagarde, British Chancellor of the Exchequer Jeremy Hunt, International Monetary Fund Managing Director Kristalina Georgieva, World Bank Group President David Malpass, Chair of the Financial Stability Board Klaas Knot. From front row from left, Governor of the Bank of Canada Tiff Macklem, Canadian Finance Minister Chrystia Freeland, Governor of the Bank of Italy, Ignazio Visco, Italian Finance Minister Giancarlo Giorgetti, Governor of the Bank of Japan Kazuo Ueda, Japanese Finance Minister Shunichi Suzuki, Joachim Nagel, president of the Deutsche Bundesbank, German Finance Minister Christian Lindner, U.S. Federal Reserve Chairman Jerome Powell, and U.S. Treasury Secretary Janet Yellen. (AP Photo/Shuji Kajiyama)
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Group of Seven (G7) finance chiefs on Saturday warned of heightened uncertainty and vowed to take actions to ensure financial stability amid concerns following US bank failures.

In a joint statement issued after their meeting in the Japanese city of Niigata, the G7 finance ministers and central bank governors said they “need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook.”

The three-day gathering that concluded on Saturday was overshadowed by concerns about the US debt ceiling deadlock, which made no mention of the statement.

“We will continue to work closely with supervisory and regulatory authorities to monitor financial sector developments and stand ready to take appropriate actions to maintain financial stability and the resilience of the global financial system,” said the statement.

G7 central bank chiefs also vowed to fight elevated inflation and ensure inflation expectations remain well anchored, according to the joint statement.

The Japanese central bank will persist with monetary easing because inflation, currently above its target, will start to slow later this year, Bank of Japan Governor Kazuo Ueda, who took the helm in April, was quoted as saying at the G7 gathering by national news agency Kyodo on Saturday.

The meeting was held in the runup to the G7 leaders’ summit in Hiroshima from May 19 to May 21.

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TAGGED: G7, US debt
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Suez Cement invests millions of dollars in environmental sustainability efforts
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New MoU signed to develop SMEs in industrial zone in East Port Said
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