Markets Wired

WASHINGTON – Today, U.S. Treasury Secretary Steven T. Mnuchin hosted a discussion with Finance Ministers and Central Bank Governors from Canada, France, Germany, Italy, Japan, the United Kingdom, the European Commission, and the Eurogroup.  The heads of the IMF, World Bank, and Financial Stability Board also joined the discussion.  This is the 12th G7 meeting that the Secretary has chaired this year related to the pandemic response. 

The G7 Finance Ministries and Central Banks remain in regular contact and continue to coordinate on timely and effective actions in response to the COVID-19 pandemic.  The Ministers and Governors discussed domestic and international economic responses underway and strategies to achieve a robust recovery throughout the global economy.  They also discussed ongoing responses to the evolving landscape of crypto assets and other digital assets and national authorities’ work to prevent their use for malign purposes and illicit activities.  There is strong support across the G7 on the need to regulate digital currencies.  Ministers and Governors reiterated support for the G7 joint statement on digital payments issued in October.    

Secretary Mnuchin thanked the group for their dedicated efforts during a year that required rapid, concerted action to respond to an unprecedented global challenge and lay the groundwork for a strong and durable recovery.  Secretary Mnuchin also recognized the group’s efforts in support of the Debt Service Suspension Initiative and Common Framework endorsed by the G20 to provide relief for the most vulnerable countries.  The G7 Ministers and Governors look forward to further robust engagement during the UK Presidency of the G7 in 2021.