dglobalnews.com G-7 nations seek ways to make growth help more people
Published: Mon, May 15, 2017
Markets | By Armando Jensen

G-7 nations seek ways to make growth help more people

"All the six others. said explicitly, and sometimes very directly, to the representatives of the U.S. administration that it is absolutely necessary to continue with the same spirit of worldwide cooperation", French Finance Minister Michel Sapin told reporters.

The draft will be reviewed before publication later on Saturday by the G7 finance ministers and central bankers who are discussing issues facing the world economy at a two-day meeting in Bari, Italy.

"We will strive to reduce excessive global imbalances and in a way that supports global growth".

Financial leaders of seven leading world economies will pledge stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stick to their cautious wording on trade, a draft communique showed.

However, Mnuchin abstained from stating the USA commitment to the letter and spirit of the communique, despite all the efforts of his French and German colleagues.

Aso told Mnuchin that it is necessary to recognize the situation is a crisis. "It is unthinkable, and it will not happen, that one can destroy these collective achievements that give more stability. and at the end of the day are truly in everyone's interests".

Mnuchin said his meetings with finance leaders had led to better understanding of the USA president's position that trade must be fair and balanced as well as open.

"Obviously the climate has changed", Moscovici said.

Mnuchin said "this is a big priority for the president".

Still, the G7 mindset belongs to the era of the post-Great Recession recovery, whilst the Trumponomics is devised as an experiment aimed at finding new sources of economic growth.

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He said the administration was focused on growth, "and growth in the United States is good for the world economy".

Tense trade talks have dominated the meetings. "I am not so sure that with an economy already at full employment and working at full speed a fiscal stimulus would add a lot", European Commissioner for Economic and Financial Affairs Pierre Moscovici told reporters.

Secretary of the Treasury has been promoting the pro-growth agenda, putting the issue of national productive forces first, and trade second.

Adding, "We want to have balanced trade".

Finance ministers and central bank governors from the world's seven biggest economic powers have kept their watered-down promise to promote free trade, as the new U.S. administration's reluctance to commit to a full-throated defence against protectionism remained firm. "Of course we need to make steps forward, there are different views across the G-7 and the G-20 for that, but I am confident, we can reach common views".

Mnuchin apparently does not share such a viewpoint.

And the timing of the discussion couldn't be more apt.

"Our objective is to create opportunities for American workers to make things and export them", said Mnuchin, pointing to the administration's recent move to allow USA farmers to sell beef to China.

The meeting prepares the way for a summit at the level of presidents and prime ministers in Taormina, Italy, on May 26-27.

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