The parties focused on discussing global economic trends, financial assistance to Ukraine and multilateral development of the banking sector.
On May 24, the G7 Finance Ministers and Central Bank Governors Conference opened in Stresa, Northern Italy.
According to Italy, which holds the rotating G7 presidency, most of the negotiations between G7 Finance Ministers and Central Bank Governors will take place on May 24 and 25. It is expected that at the conference, the parties will focus on discussing global economic trends, financial support for Ukraine and multilateral development of the banking sector.
Local media reported that Italian Finance Minister Giancarlo Giorgetti and his US counterpart Janet Yellen had a closed-door meeting in the afternoon before the conference opened in the evening.
Italy said that the conference will also include European Union (EU) Economic Commissioner Paolo Gentiloni and Eurogroup Chairman Paschal Donohoe, along with heads of global organizations and ministers from non-G7 countries invited to attend because of their involvement in the issues discussed.
Meanwhile, US Treasury Secretary Yellen on the same day called on G7 ministers meeting in Italy to consider "more ambitious options" to use frozen Russian assets to support Ukraine. Previously, the US and its allies froze about $300 billion in assets of the Russian Central Bank as part of sanctions when Moscow launched a special military campaign in Ukraine. Most of those assets are held in the EU.
According to the EU plan, the annual profit of these assets is expected to be from 2.5-3 billion EUR and 90% of the profit from these assets will be used to provide military support to Kiev through the European Peace Mechanism (EPF), the rest will be transferred to the EU budget and used for the purpose of rebuilding Ukraine.
According to Ms. Yellen, the conference is expected to discuss what Washington sees as “overcapacity” in China. Previously, Secretary Yellen assessed that China's production capacity in industries such as electric vehicles, batteries and solar panels “far exceeds global demand”. Washington believes that this leads to cheap exports and stunts growth elsewhere, threatening companies around the world, including emerging markets.
However, Chinese Foreign Ministry spokesman Wang Wenbin said on May 22 that the story of "overcapacity" that Washington is focusing on Beijing's new energy sector is completely contrary to reality and economic laws.
LAM DIEN
Source: https://www.sggp.org.vn/gioi-chuc-tai-chinh-va-ngan-hang-trung-uong-g7-thao-luan-ve-mot-loat-van-de-nong-post741387.html
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