Thursday, November 30, 2023

The G7 addresses banking digitization and supply chains on the second day in Niigata

The banking digitization and the evolution of supply chains will focus today the debates of the second day of the meeting of finance ministers and governors of central banks of the countries of the G7 which is being held in the Japanese city of Niigata.

The first session of the day began promptly at 09:03 local time (00:03 GMT) this Friday at the Toki Messe convention center in the port town on Japan’s west coast.

It is expected that during their talks the financial officers of the Group of Seven, accompanied by their European counterparts and the International Monetary Fund, among other attendees, explore ways to protect financial stability in the face of the proliferation and expansion of online banking.

“It is clear that the worries financial can spread in an instant through social networks; and ‘online’ banking, which allows money withdrawals outside business hours, can cause financial panic,” said the Japanese Finance Minister, in this regard. Shinichi Suzuki, on the opening day.

The Japanese presidency of the G7 wants to place special emphasis on financial digitization and stability protection of the sector to avoid turbulence such as those experienced by the markets in recent weeks due to the collapse of various financial institutions in the United States and also the Swiss Credit Suisse.

The G7 has stressed that the financial system is solid despite the problems unleashed by the collapse of entities, but Japan seeks international partners to share the lessons learned from these episodes to avoid similar ones.

Finance headlines Germany, Canada, the United States, France, Italy, Japan and the United Kingdom They are also planning to discuss the need to build resilient supply chains for key products after the problems experienced in the pandemic or geopolitical factors such as the war in Ukraine.

In the spotlight will also be the dominance of certain countries, such as Chinaabout some of these components.

Also on the agenda for this second day of meetings is the vulnerability of the debt between developing countries and emerging powers, an issue that will be addressed in an unusual dialogue session during the afternoon and to which countries and regions such as Brazil, India and the African Union have been invited.

Japan wants the G7 to build a “mutually beneficial” relationship with these territories precisely for this transformation of supply chains, which can boost investment.


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