Cautionary Approach Needed Despite Solidity of Global Financial System – G7

Japan’s finance minister said on Saturday that the Group of Seven finance ministers agreed that the global financial system is sound, but the need for caution remains.

Shunichi Suzuki said in a news conference that the issue of the US debt ceiling was raised at a working dinner on the global economy, but he declined to reveal what other ministers had to say on this issue, according to Reuters.

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The ministers concluded a three-day meeting in the Japanese city of Niigata.

Finance ministers and central bank governors of the Group of Seven major industrialized countries, as well as major global financial institutions, such as the International Monetary Fund and the World Bank, meet for three days of discussions in Niigata (Central Japan), in a big stop which is the last one before the G7 leaders’ summit, in Hiroshima (west) this weekend.

A German government adviser said that the establishment of a “club of subjects prime” to reduce dependence on China will be discussed at the next G7 summit in Japan.

This “club”, which can bring together members of the Group of Seven and material-rich countries primewill prevent in particular that all these materials are sent in China to be processed in their countries of origin to create added value.

This issue will be addressed, according to this adviser, during the summit of the leaders of the Group of Seven (USA, Germany, Great Britain, France, Italy, Japan and Canada), which will be held from 19 to 21 May in Hiroshima (Japan).

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