President of the Eurogroup attending G7 Finance Ministers meeting in London

The Minister for Finance, Paschal Donohoe, TD, is in London today (Friday) and tomorrow (Saturday) to attend the meeting of G7 Finance Ministers in his capacity as President of the Eurogroup.

The G7 Finance Ministers meeting takes place over two days from Friday 4 to Saturday 5 June and builds on the virtual meeting of Finance Ministers and Central Bank Governors last Friday, 28 May. At the in-person meeting, Ministers will consider coordinated approaches to the key economic challenges facing economies emerging from the Covid crisis. The G7 is committed to working together to ensure a strong, sustainable, balanced and inclusive global recovery.

As he departed for London, Minister Donohoe said:

“There is now clear light at the end of the tunnel with the accelerating vaccination roll out, falling infections and pressure on intensive care services gradually coming down. This year the euro area economy will rebound strongly. Our economic policies have been instrumental in facilitating this recovery and in shielding our citizens over the past year, maintaining jobs and putting our economies in a position to recover strongly.”

At the meeting, participants will also discuss key global challenges, including climate and nature; health finance; and support for lower income countries. The meeting Communiqué is also expected to reflect ongoing discussions on international tax framework ahead of the 139 countries participating in the OECD Inclusive Framework discussions later in June and the G20 meeting of Finance Ministers in Venice in July.

Minister Donohoe will also hold bilateral meetings with other participants, including US Treasury Secretary Janet Yellen; Japanese Deputy Prime Minister and Finance Minister, Taso Aso; Canadian Finance Minister Chrystia Freeland; as well as the Chancellor of the Exchequer Rishi Sunak. Minister Donohoe will also meet with the new Secretary General of the OECD, Mathias Cormann, who took up his new role earlier this week and with the Managing Director of the IMF, Kristalina Georgieva.

All meetings will take place under strict Covid guidelines.

Chancellor of the Exchequer, Rishi Sunak, is the chair of the Finance track of the G7 under the UK Presidency of the G7. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The G7 Finance ministerial meetings are also attended by the President of the Eurogroup and the European Commission, on behalf of the European Union, and by the IMF, the OECD and the World Bank. Finance Ministers are meeting in London one week ahead of the G7 Summit, which will take place in Cornwall.

ENDS