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17th March 2020
Banking & Finance Covid-19 Institutional law

G7 Leaders will do ‘whatever it takes’ to face COVID-19

Last night, the Leaders of the Group of Seven (G7) made a statement on the COVID-19 pandemic following an emergency video conference meeting. The leaders of Great Britain, Canada, France, Germany, Italy, Japan and the US publicly committed to do whatever is necessary to ensure a strong and coordinated global response to the risks posed by the international pandemic for the stability of the global economy.

G7 Leaders identified as their foremost priority the protection of health and safety of people through delay of the virus’s spread, such as by taking appropriate border management measures. They also announced their intention to strengthen health systems in their countries and globally, expressed their full support to the World Health Organisation, and encouraged all countries, international organisations, and the private sector to participate in global efforts such as the Global Preparedness and Response Plan.

In their statement, G7 leaders explicitly stressed the value of real-time information sharing to ensure access to the best and latest intelligence, improving prevention strategies and mitigation measures. They committed to pool epidemiologic and other data to better understand and fight the virus, as well as to increase coordinated research efforts and the availability of medical equipment where it is most needed.

On the economic impact of the outbreak, G7 Leaders resolved to do ‘whatever it takes, using all policy tools, to achieve strong growth in the G7 economies, and to safeguard against downside risks’. In this regard, they announced the adoption of measures to support, immediately, the workers, companies, and sectors most affected, their intention to address disturbances to international supply chains, as well as to further facilitate international trade.

Stressing the importance of coordination, G7 Leaders asked central banks to keep cooperating to provide the necessary monetary measures in order to support economic and financial stability, and to promote recovery and growth. They also called on the International Monetary Fund, the World Bank Group, and other International Organisations to further support countries worldwide as part of a coordinated global response.

G7 Leaders announced that they will continue to coordinate through the G7 Presidency including at the G7 Leaders’ Summit, and called upon the G20 to support and amplify these efforts.

The statement is available here.

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