G7 finance leaders pledge financial stability, supply chain diversity

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Group of Seven (G7) finance leaders pledged on Wednesday to take action to maintain the stability of the global financial system after recent banking turmoil and to give low- and middle-income countries a bigger role in diversifying supply chains to make them more resilient.

Their communique did not mention China by name, but the supply chain language fit in with "friend-shoring" efforts by industrial democracies to work with each other to become less reliant on the Asian manufacturing powerhouse for battery minerals, semiconductors and other strategic goods.

Shunichi Suzuki, the finance minister of G7 host Japan, said that stability had returned to the financial system after strong action by policymakers Suzuki said the language was not specifically aimed at China, but added that the G7 group views a high concentration of supply chains in a single country was not desirable, noting that many supply chains were highly concentrated in China.The International Monetary Fund has warned in itsthat fragmentation of the global economy into geopolitical blocs is a significant factor in reducing longer-term growth potential, with only 3% growth expected in 2028.

 

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Haha. Inflation and weakness more like it. They have other goals than growth.

They also pledged to have 72⁰ Sunny days every day of the year, cancel tornadoes and stop all hurricanes. It's amazing what they can pledged these days. It's more amazing people believe it enough to keep them pledges coming.

All they will pledge is to hate Trump.

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