Finance ministers and central bank governors of the G7 said that the financial system is still resilient, and said they will continue to coordinate to monitor developments in the financial industry.
People shop at a supermarket in Duesseldorf, Germany. (Photo: AFP/VNA)
On May 13, the financial leaders of the Group of leading industrialized countries (G5) pledged to take appropriate action to ensure the stability of the financial system amid growing concern about the risk of financial crisis after a series of US banks failed.
In a joint statement after a three-day meeting in Niigata City (Japan), the finance minister and G7 central bank governors said that the financial system is still resilient, and said they will coordinate with regulators to continue monitoring developments in the financial industry.
The joint statement stated that countries are ready to take appropriate actions to maintain financial stability and resilience of the global financial system.
Representatives of the G7 countries also said they will launch efforts to build strong supply chains with developing countries by the end of this year.
The statement also said that G7 countries need to flexibly implement macroeconomic policies in the context of increasingly uncertain world economic situation.
Meeting of Finance Ministers and Central Bank Governors G7 taking place from May 11-13 in Niigata city, ahead of next weekend's G5 summit in Hiroshima.
Taking place in the context that the global economy is still reeling due to the impact of the pandemic COVID-19 epidemic and call conflict in UkraineThe meeting is said to be an opportunity for G7 countries to build a vision to maintain the stability of the financial system.
