Niigata, Japan (EFE) depression.
The G7 “will continue to address Ukraine’s short-term financing needs,” as well as support “joint efforts to repair its critical infrastructure” and help nearby countries affected by the influx of refugees, according to the joint statement adopted today at the end of of the meeting of finance ministers in Niigata (Japan).
The text also underlines the G7’s “unwavering will” to impose sanctions and other measures on Russia “to undermine its ability to conduct war” and to “counter any attempt to evade” such punitive actions.
The G7 agrees to regulate loopholes in banking legislation and diversify supply chains
G7 Finance representatives agreed today to create a new paradigm to diversify global supply chains and address banking regulatory loopholes in light of the recent collapse of several financial institutions.
“We will address the data, supervision and regulation gaps in the banking system,” the group’s finance ministers and central bank governors said in a joint statement released after their meeting in the west coast city of Niigata today. from Japan.
The G7 considers that the current financial system is sufficiently resilient after the reforms introduced as a result of the 2008 global crisis, but advocated continuing to monitor the evolution of the sector and assured that its members will be “ready to take the appropriate measures to maintain stability financial”.
The configuration of the current financial system has been one of the key points in the three days of talks between the heads of Finance following the recent series of collapses of financial institutions, including Silicon Valley Bank (SVB) and the Swiss Credit Suisse.
The G7 was in favor of the efforts “to extract the lessons learned” from the episode and prioritize future work “to improve financial security”, including the study of “vulnerabilities in non-bank financial intermediation” and the establishment of common standards .
The financial authorities of the G7, together with other participants in the meeting such as the European Commission, the World Bank or the International Monetary Fund, also highlighted among their priorities to transform supply chains.