The G7 agrees to take “necessary measures” to achieve financial stability through the EFE

Hiroshima (Japan), May 20 (.). – The Group of Seven major industrialized nations promised this Saturday to adopt “necessary measures” to maintain financial stability and to show itself “flexible and resilient” in macroeconomic policies to counter economic uncertainty.

In their joint statement published today, the G7 leaders expressed confidence in the resilience of the financial system after it has adapted to “multiple shocks”, such as the Covid pandemic, the Russia-Ukraine war and inflationary pressure, but noted the need to remain “vigilant”.

The G7 pledged to pursue growth-oriented policies that “support fiscal sustainability over the medium term and price stability.”

The authorities acknowledged that “inflation remains high” but said central banks remained “committed” to their price-fixing policies.

The multinational forum has dedicated a section to transformation of the financial sector, including banking digitization, which they hope to address in more detail in the future, with the aim of “capturing” the benefits of this innovation and knowing the “potential risks” it entails for a better emergency response.

After the recent bankruptcy of several US regional financial institutions and the problems experienced by the Swiss, the G7 has begun to explore ways to strengthen the current financial system. Credit Suisse (six:).

Cryptoassets are another issue for the group, which believes that “effective monitoring, regulation and oversight is essential” to address the risks posed by these activities while supporting “responsible innovation.”

The leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States expressed concern about “serious challenges” in terms of debt sustainability, especially among small and medium-sized economies, and the need to set up agencies to respond in a timely manner to potential problems.