The G7 summit has opened with the focus firmly on the finance ministers and central bank governors as the world economy looks to the rich nation’s club for a lead. Hosts Britain will be seeking results under their stewardship.
“I’m certainly looking forward to an excellent G7 meeting, good discussions on recovery and moving from a three-speed recovery to a full speed recovery,” said the IMF’s Managing Director Christine Lagarde.
The summit comes at a time when there are signs of sustainable recovery coming from the United States, even if the picture in Europe remains bleak, and there are few signs of early change.
“The countries who will be turning up represent half of the world economy. The good news is some stability and confidence has come back into the global economy but we’ve got much more to do and for Britain we know as we’ve seen over the last few years that we’re very affected by what happens in our neighbours,” said UK finance Minister George Osborne.
The role of central banks in stimulating growth and intervening more directly will be a major topic of discussion. So will the weakening yen, which has come about through just such an intervention, and is subject to scrutiny by those who fear it will price their exports out of the marketplace.