G7 pledges to do 'whatever is necessary' to restore growth in response to coronavirus
Finance ministers and central bankers from the Group of Seven countries on Tuesday issued a joint statement pledging to do "whatever is necessary to restore confidence and economic growth and to protect jobs, businesses, and the resilience of the financial system." The statement comes as the COVID-19 pandemic threatens to cause a global recession and follows wide-ranging monetary stimulus efforts by major central banks, including the U.S. Federal Reserve, and as governments prepare large fiscal rescue packages. The G7 officials promised to continue coordinating efforts. They also appeared to encourage Saudi Arabia and Russia, though not by name, to end a price war that has sent the price of crude plunging this month, adding to financial market volatility. We recognize that disruptions to global supply chains caused by COVID-19 could further exacerbate the economic and health fallout. "We call on oil-producing countries to support international efforts to promote global economic stability," the officials said. The Group of Seven is made up of the U.S., Canada, U.K., Germany, Japan, France and Italy.