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March 24, 2020In the press release of the financial G7 that closes today's conference call, we read that we recognize unanimously "the urgent need to better support the rapid development, manufacture and distribution of diagnostic tools, therapies and a vaccine for covid -19 ".All G7 finance ministers "are committed to making the budgetary effort necessary to help our economies recover quickly" and, alongside strengthening health systems, recommend "all countries to deploy liquidity support and budget expansion to mitigate the negative economic impact "of the coronavirus. They also ask oil producers to promote stability.
"In addition to the efforts undertaken by our nations to expand health services, the G7 finance ministries are taking - and recommending that all countries commit themselves - liquidity support actions and fiscal expansion measures to mitigate the economic impacts related to dissemination. from Covid-19 ".
In addition, the ministries of finance "in line with the direction given by the leaders of the G7, will coordinate on a weekly basis on the implementation of these measures and will take further and timely measures".
Central banks are implementing "a package of monetary policy measures to support economic and financial stability".
"The global financial system is now in a better position to resist shocks, maintain the functioning of the market and support the supply of financing to support the real economy thanks to the reforms implemented after the global financial crisis." This is what we read in the G7 release. "We will remain vigilant - the central bank governors and finance ministers write - and we will take the necessary measures to ensure that the financial system can continue to support the economy, including by working with other competent regulators and supervisors to free up the capital and liquidity buffers available, leveraging flexibility within existing international standards and working with the private sector to address operational challenges. We encourage financial institutions to use this flexibility to meet the financial needs of consumers and businesses affected by Covid-19. "