G7 Finance Ministers and Central Bank Governors Meeting to Discuss Global Economic Trends

Paris, May 18 (Xinhua) - The two-day meeting of G7 finance ministers and central bank governors kicked off on the 18th in Paris, France. This meeting mainly discusses the global economic trend, with a focus on the impact of geopolitical situations, especially the Middle East situation, on the economy.

According to the official conference schedule released by France, multiple working meetings were scheduled throughout the day on the 18th, with topics including the global economic situation, the situation in Ukraine, and ensuring financial stability. The attendees also discussed topics such as cracking down on illegal financial flows, ensuring economic security, and managing cross-border payments.

France serves as the rotating chair of the Group of Seven, with French Minister of Economy and Finance Lesquier and French Central Bank Governor De Gaulle presiding over the meeting. Representatives from G7 member countries including the United States, Germany, the United Kingdom, Canada, Italy, and Japan attended the meeting. European Commission Commissioner for Economic Affairs Dombrovskis and European Central Bank President Lagarde also attended the meeting.

At the opening ceremony of the meeting on the 18th, Lesquet emphasized the importance of multilateralism and talked about multiple major challenges facing the global economy, including the situation in the Middle East and the imbalance of the global economic structure. He also expressed concern about the impact of the current economic situation on underdeveloped countries.

During an interview in Paris, Dombrovskis stated that due to the "stagflation shock" caused by the Middle East situation, the EU will lower its economic growth expectations. He believes that the action space of policy makers is "now more limited". He pointed out that the longer the conflict lasts, the greater the risk of energy supply shortages.

The meeting will continue on the 19th, with main topics including addressing global economic imbalances and monetary policy. Finance ministers from countries such as Brazil, South Korea, India, and Kenya will participate in the relevant discussions.