G7 finance chiefs express readiness to maintain resilience of financial system

Group of Seven finance ministers and central bank governors say they are ready to take appropriate action to maintain the resilience of the global financial system.

The officials issued a joint statement on Saturday, wrapping up three days of talks in Niigata, central Japan.

The meeting follows a series of bank failures in the United States. The finance chiefs discussed financial risks associated with the digital age, drawing lessons from the recent US bank failures which were prompted by fears of bank runs spread through social media. They reaffirmed that their own financial systems are resilient.

The participants also reaffirmed their unwavering support for Ukraine amid Russia's invasion of the country. They said they "remain committed to countering any attempts to evade and undermine our sanctions" against Russia.

The officials said, "We need to remain vigilant and stay agile and flexible in our macroeconomic policy amid heightened uncertainty about the global economic outlook."

The participants expressed their commitment to further strengthening collaboration to enhance the resilience of supply chains of important products for clean energy.

They said they are currently developing a partnership with interested countries, including developing and emerging nations, called "Partnership for Resilient and Inclusive Supply-chain Enhancement," to be launched by the end of this year at the latest.

Japan, as the G7 host nation, hopes to reflect the outcome of the talks in next week's summit in Hiroshima.