G7 pledges action to ensure financial system stability

G7 finance ministers and central bank governors said the financial system remains resilient and said they will continue to monitor developments in the financial sector.

People shop at a supermarket in Duesseldorf, Germany. (Photo: AFP/VNA)

On May 13, financial leaders of the Group of Seven (G7) pledged to take appropriate action to ensure the stability of the financial system amid growing concerns about the risk of a financial crisis after a series of US banks went bankrupt.

In a joint statement after a three-day meeting in Niigata City, Japan, G7 finance ministers and central bank governors said the financial system remains resilient and said they would continue to monitor developments in the financial sector in coordination with regulators.

The joint statement stated that countries stand ready to take appropriate actions to maintain financial stability and resilience of the global financial system.

Representatives of G7 countries also said they will launch efforts to build strong supply chains with developing countries later this year.

The statement also said that G7 countries need to flexibly implement macroeconomic policies in the context of increasingly uncertain global economic situation.

The G7 Finance Ministers and Central Bank Governors Meeting takes place from May 11-13 in Niigata City, ahead of the G7 summit next weekend in Hiroshima City.

Taking place in the context of the global economy still struggling due to the impact of the COVID-19 pandemic and the conflict in Ukraine , the conference is considered an opportunity for G7 countries to build a vision to maintain the stability of the financial system./.

(Vietnam News Agency/Vietnam+)

Source: https://baodaknong.vn/g7-cam-ket-hanh-dong-dam-bao-on-dinh-he-thong-tai-chinh-148455.html