The heads of government for the world’s seven International Monetary Fund-designated advanced economies have pledged to do what it takes to ensure a “strong global response” to the novel coronavirus outbreak currently causing massive disruptions to the global economy.
In a statement released after an extraordinary teleconference-based meeting of the Group of 7, the leaders of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States said they are “committed to doing whatever is necessary to ensure a strong global response” to the COVID 19 pandemic “through closer cooperation and enhanced coordination of our efforts.”
“While current challenges may require national emergency measures, we remain committed to the stability of the global economy,” they said. “We express our conviction that current challenges related to the COVID-19 pandemic need a strongly coordinated international approach, based on science and evidence, consistent with our democratic values, and utilizing the strengths of private enterprise.”
Specifically, the leaders announced that they would commit their respective governments to “coordinate on necessary public health measures to protect people at risk from COVID-19, restore confidence, growth, and protect jobs, support global trade and investment, and encourage science, research, and technology cooperation.”
The G7 member countries’ finance ministers will also confer on a weekly basis to coordinate the mobilization of a “full range of instruments, including monetary and fiscal measures, as well as targeted actions” to support workers, companies, and sectors most affected by the pandemic.
In addition, the leaders said they would ask central banks, the IMF and World Bank to work together to bolster both the G7 economies and those of other countries.