US Treasury secretary Janet Yellen said recent economic shocks have ‘made clear’ the need for diversified supply chains.
But the US has led a push for export controls on chip components to China, citing national security concerns, and US Treasury secretary Janet Yellen pointed to recent shocks to the global economy. In a joint statement, the Group of Seven’s finance ministers and central bank chiefs said they hoped to launch the partnership in collaboration with the World Bank “by the end of this year at the latest”.
As the finance talks wrapped up today, the ministers reaffirmed their commitment to sanctions on Russia and said they were working together to enforce them, but did not announce any concrete new steps to tackle sanctions evasion. While vowing to “address data, supervisory, and regulatory gaps in the banking system”, the finance chiefs nonetheless asserted that “our financial system is resilient”.