Finance ministers and central bank governors from the world’s wealthiest nations gather in Japan this week with a growing list of urgent issues to discuss, from the risk of more bank failures and the need for debt restructuring to the threat of a US default.While recent Group of 20 finance minister meetings have struggled for consensus due to divisions over Russia’s invasion of Ukraine, the Group of Seven, comprising the US, UK, Germany, France, Italy, Japan and Canada, has proved to be a more coordinated coalition.
At the G-7’s last get-together in Washington in April, the group reaffirmed its “unwavering support for Ukraine and unity in our condemnation of Russia’s war of aggression.”
The officials this time around meet from Thursday through Saturday in the northern Japanese city of Niigata. Here are the main issues to watch out for:
Financial Stability
Following the collapse of Silicon Valley Bank and Credit Suisse’s takeover, the world has been looking warily at the state of global financial stability. First Republic Bank’s failure has added to those concerns.
