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MOVE

2023-05-09 17:06:52

Tuesday 17:45:56

May 09 2023

Eurogroup: President Paschal Donohoe will represent the EU at the G7 in Japan, with the aim of addressing geopolitical and climate challenges

In the photo, the Prime Minister of Japan, Fumio Kishida.

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Japan: Message from Prime Minister Kishida. In 2023, Japan assumes the presidency of the G7. More than 10 ministerial meetings will be held in Japan, and the G7 summit will take place in Hiroshima. This will be a great opportunity to showcase the charm of our country to the world. With the cooperation of everyone in Japan, including host cities and prefectures, let us work together for the success of the summit and ministerial meetings and for a bright future for Japan and the world.

Video Message by Prime Minister KISHIDA Fumio for the G7 Hiroshima Summit

Introduction: In May 2023, Japan will assume the presidency of the G7 and host more than ten ministerial meetings, including the G7 summit in Hiroshima. The President of the Eurogroup, Paschal Donohoe, will attend the G7 finance and central bank governors' meeting in Niigata, Japan, from May 11-13, 2023. At the meeting, the ministers will discuss topics such as economic resilience and reconstruction of Ukraine, global economic stability, climate action, and the challenges facing the international financial sector. Donohoe will provide support for Ukraine's reconstruction and discuss improving the competitiveness of the eurozone. The G7 meeting is an opportunity for the EU to work with international partners to build a more sustainable, secure, and prosperous global economy.

Eurogroup

The President of the Eurogroup, Paschal Donohoe, will participate in the meeting of finance ministers and central bank governors of the G7 in Japan from May 11 to 13, 2023. During the meeting, Minister Donohoe will take part in discussions on economic resilience and reconstruction in Ukraine, global economic stability, growth and recovery, climate action and transition to net zero, and challenges facing the international financial sector. In addition, the agenda will focus on addressing the immediate challenges of developing countries and strengthening international cooperation for sustainable and inclusive growth.

The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union. The European Union is represented at G7 finance and central bank governors' meetings by the President of the Eurogroup and the European Commission, together with the President of the European Central Bank. In addition to G7 members, invited countries and international organizations such as the IMF and the World Bank also participate in the meetings.

As President of the Eurogroup, Minister Donohoe will provide support for Ukraine and its reconstruction following his recent meeting with the Ukrainian Finance Minister. He will also discuss improving the competitiveness of the eurozone through the deepening of the banking union and capital markets.

During the G7 meeting, finance and health ministers from the G7 will meet to discuss progress on international taxation, finance for development, and economic security. The meeting will be chaired by Japanese Finance Minister Shunichi Suzuki and Bank of Japan Governor Kazuo Ueda.

The G7 is an important opportunity for the European Union to continue working with international partners to build a more sustainable, secure, and prosperous global economy. Minister Donohoe emphasizes that the global economy must address a complex confluence of geopolitical and climate challenges.

Contacts:

Ministry of Economy and Finance
Via XX Settembre, 97
00187 Rome
Tel: 06.4761.1
Fax: 06.4815.373
PEC: mef@pec.mef.gov.it

Technical glossary:

European Central Bank (ECB): institution responsible for the monetary policy of the European Union, headquartered in Frankfurt, Germany.
Bank of Japan: the central bank of Japan, responsible for the country's monetary policy.
World Bank: an international financial institution that provides low-interest loans and technical assistance to developing countries.
Eurogroup: an informal forum of euro area finance ministers created to discuss economic and financial issues related to the euro.
International Monetary Fund (IMF): an international organization that provides loans to member countries in financial difficulty, promotes international monetary cooperation and global financial stability.
G7: an informal forum of seven advanced industrialized countries (Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States) that meet annually to discuss international political and economic issues.
European Banking Union: a set of rules and mechanisms aimed at creating a more stable and integrated European banking system.
Capital Markets Union: an initiative of the European Union aimed at creating a single European capital market to promote corporate financing and cross-border investment within the Union.
The terms listed above are used in the article and are important to understand the context and meaning of the discussions to be held at the G7 meeting in Japan.