G7 Affirms Global Economic Stability Pledge

Published on 5.24.25

  The Group of Seven (G7) finance ministers and central bank governors have reaffirmed their commitment to global economic stability, meeting in Banff, Alberta, Canada. Canadian Finance Minister Francois-Philippe Champagne stated that the group is "united in purpose and action." This sentiment was echoed by US Treasury Secretary Scott Bessent. The G7's key area of focus was addressing "excessive imbalances" in the global economy. The group pledged to increase sanctions on Russia if efforts to achieve a ceasefire in Ukraine fail. They also condemned non-market policies and practices, which some analysts see as a veiled reference to China's state subsidies and export-driven model. The G7 reaffirmed their commitment to supporting Ukraine in its conflict with Russia. The group stated that any entity supporting Russia would be barred from Ukrainian reconstruction contracts, a move aimed at pressuring Moscow to end its aggression. Despite initial divisions, the meeting was seen as a success, with the G7 finance ministers and central bank governors agreeing to work together towards more growth and stability in the global economy.

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