G7 finance leaders pledge financial stability, supply chain diversity

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G7 finance leaders pledge financial stability, supply chain diversity FMTNews FMTBusiness

Japanese finance minister Shunichi Suzuki says strong action by policymakers is crucial to maintain the stability and resilience of the global financial system.

“We commit to jointly empowering low- and middle-income countries to play bigger roles in supply chains through mutually beneficial cooperation by combining finance, knowledge, and partnership, which will help contribute to sustainable development and enhance supply chain resilience globally,” the G7 finance ministers and central bank governors said in the statement.

“We will continue to closely monitor financial sector developments and stand ready to take appropriate actions to maintain the stability and resilience of the global financial system,” the G7 finance leaders said.The ministers said that supply chains needed to achieve both efficiency and resilience, helping to maintain macroeconomic stability and make economies more sustainable. The statement cited the need to diversify the “highly concentrated” supply chains for clean energy technologies.

But French finance minister Bruno Le Maire, who participated in the G7 meeting, said such diversification away from China and alliances with allies were necessary.

 

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