President of the Eurogroup, Paschal Donohoe, travels to Italy to participate in the G7 Finance Ministers and Central Bank Governors meeting in Stresa

23rd May, 2024

President of the Eurogroup and Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe, T.D., is in Italy today (Thursday) where he will participate in the G7 meeting of Finance Ministers and Central Bank Governors which takes place on 23-25 May, chaired by the Italian Presidency of the G7.  

During the meeting, Minister Donohoe, as President of the Eurogroup, will take part in discussions that will focus on the global economic outlook, as well as the key challenges for the international financial sector, the implication of artificial intelligence from both macroeconomic and public sector performance perspectives, the commitment to progressing the global transition toward a net-zero economy, and continued coordination of international sanctions against Russia in response to its unprovoked and unjustified invasion of Ukraine. 

Support for Ukraine will be one of the main topics of the meeting. G7 partners will welcome and have an exchange with the Ukrainian Finance Minister, Sergey Marchenko.  

G7 members will also discuss with partner countries the global implications of artificial intelligence and ways of addressing the financing needs of vulnerable countries. 

Speaking ahead of his participation in the meeting, Minister Donohoe said:  

“I look forward to engaging on behalf of the Eurogroup with G7 partners. The Italian G7 Presidency has put forward a very rich and stimulating agenda addressing the key short- and longer-term priorities for our economies – from rebuilding fiscal buffers to catalysing investments, including for the green and digital transitions, to looking at the macroeconomic implications of artificial intelligence.

 

“We are meeting on the backdrop of some positive news on the performance of the global economy. The euro area economy has also shown greater resilience than anticipated with inflation continuing to fall, growth picking up and labour markets continuing to be very strong. Downside risks related to geopolitical conflicts, uncertainty and friction from economic fragmentation remain and as policymakers need our continuous attention. There is a clear commitment within the euro area to enhancing our competitiveness and ensuring sustainable growth and increased investment opportunities. Our recent ambitious plans to progress with deepening the Capital Markets Union, our ongoing economic policy coordination as well as our renewed fiscal governance framework are all concrete steps in that direction.

“Support for Ukraine will figure prominently in our discussions. I look forward to the exchange with Minister Marchenko and will take the opportunity to underline my unwavering support for Ukraine.

“As the global community confronts various challenges which demand a collective response, it will be a key opportunity to reiterate our commitment to our shared values and multilateral cooperation. 

Notes for editors:

The meeting will be chaired by the Italian Finance Minister, Giancarlo Giorgetti, and the Governor of the Banca d’Italia, Fabio Panetta, who jointly lead the Finance track under the Italian Presidency of the G7. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union. The European Union is represented at G7 Finance Ministers and Central Bank Governors meetings by the President of the Eurogroup and the European Commission alongside the President of the European Central Bank. In addition to G7 members, invited countries and international organisations such as the IMF, the World Bank, OECD and the Financial Stability Board, also participate in the meetings. Invited partner countries to the Stresa meeting are the African Union Presidency and the Finance Ministers of Brazil, India, the Republic of Korea, Saudi Arabia and South Africa.

ENDS