The Minister for Finance, Paschal Donohoe, T.D., will participate in upcoming G7 meetings in his capacity as the President of the Eurogroup. Today (Friday), Minister Donohoe took part in a virtual meeting of G7 Finance Ministers and Central Bank Governors; he will also attend an in-person meeting of G7 Finance Ministers on 4-5 June in London.
The focus of today’s meeting is the global economic recovery, which is one of Minister Donohoe’s priorities as he coordinates economic and fiscal policies among Euro Area Finance Ministers. The G7 is committed to working together to ensure a strong, sustainable, balanced and inclusive global recovery.
President of the Eurogroup and Minister for Finance Paschal Donohoe said after today’s virtual G7 meeting: “We are living through an exceptional period and the high level of coordination at European and international level has helped to ensure a consistent economic response to the COVID-19 pandemic. Our policies have helped to protect jobs and support livelihoods during the emergency phase of the crisis. As we emerge from this crisis and open up our economies, there is a change in the policy challenges we face: we will increasingly need policies that help us to build, grow and adapt. Our continued dialogue within the G7 is essential in that regard.”
Ministers and Central Bank Governors also considered how they can contribute to the fight against climate change and the loss of biodiversity and they reviewed work conducted under the UK G7 Presidency on digital payments.
Chancellor of the Exchequer, Rishi Sunak, is the chair of the Finance track of the G7 under the UK Presidency of the G7. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 Finance ministerial meetings are also attended by the President of the Eurogroup and the European Commission, on behalf of the European Union.
ENDS