G7 to coordinate global fiscal stimulus to help economies recover from Covid-19
16 March 2020
G7 leaders have released a statement pledging to do “whatever is necessary” to help economies recover from the impact of Covid-19 and that they will “resolve to co-ordinate” the financial response to the virus.
The leaders of the UK, USA, Japan, Germany, France, Canada and Italy are pressing central banks to support the financial system and will be holding weekly meetings to discuss their response to the Covid-19 outbreak.
They have agreed to cooperate on global trade and investment policies, as well as public health measures to stem the further outbreak of the Coronavirus.
The 7 leaders released a statement saying:
“We resolve to co-ordinate measures and do whatever it takes, using all policy tools, to achieve strong growth in the G7 economies, and to safeguard against downside risks.”
PM Johnson confirms coordinated effort
In the first daily briefing to the UK media, Prime Minister Boris Johnson confirmed that G7 nations are working together to ensure businesses and economies can recover from the impact of Covid-19.
In response to a question around whether there will be a significant global fiscal stimulus he said G7 governments should act jointly and that a lot of work is already being done.
The German Chancellor, Angela Merkel, and French President, Emmanuel Marcron, both echoed these comments in speeches on Monday.