G7 Summit begins meeting

Discussions by G7 officials will focus on issues aimed at reviving the stagnant economy.

Finance ministers from G7 countries and central bank governors began a two-day summit at a building in west London on May 10 to discuss measures to restore economic growth amid a tightening of spending in many countries.

Delegates attending the G7 meeting. (Photo: Reuters)

Speaking at the conference, IMF Managing Director Christine Lagarde expressed hope that the discussions of G7 officials will focus on issues to revive the current sluggish economy. This conference will focus on the efforts that banks need to make to boost growth during the period of spending cuts and tax increases. In addition, the negotiations are expected to focus on banking regulations, tax evasion, free trade issues and easing of austerity measures.

Meanwhile, in the face of recent disputes between countries over Japan's monetary policy, European Commissioner for Economic and Monetary Affairs Olli Rehn said that it is necessary to focus on economic policies instead of continuing to argue around monetary policies:

“I think one of the successes of the G7 and G20 international policy coordination is to end the debate on monetary policies and focus on domestic economic policy goals. I believe that this conference will be a constructive conference on economic and monetary policies,” said Mr. Olli Rehn.

The G7 conference takes place after two G20 financial conferences in February and April, followed by the G8 summit in mid-June in Northern Ireland./.

According to VOV - DT