Soltz: G7 leaders worried about a global financial crisis

LAST UPDATE: 17:18

All G7 leaders are worried about an impending economic crisis as growth slows and inflation jumps, German Chancellor Olaf Solz said after a working meeting on the global economy at this year’s annual G7 summit, according to Reuters.

“All members are concerned about the crisis we are facing – declining growth rates in some countries, rising inflation, shortages of raw materials, disruptions in supply shifts – these are no small challenges,” Scholz said in a televised statement.

Soltz appeared “very confident” that the Group of Seven would be able to send a very clear message of unity and decisive action, despite the concerns of all G7 countries about the current crises, Soltz said.

“We are united by our view of the world, our belief in democracy and the rule of law (…). In their second meeting, the seven leaders will discuss global infrastructure investment, global health and challenges such as the coronavirus pandemic, and in the evening, confidential talks will focus on security policy. “We must work for a security architecture in the world that ensures peace and does not become increasingly dangerous,” he said.

“The G7 is a good team and finding answers is a requirement of the times. We were united when we organized Ukraine’s support in the war. One can say that (Vladimir) Putin did not expect such a thing and it still gives him a headache.” , said Mr. Soltz, while, referring to the private meeting he had with US President Joe Biden on the sidelines of the summit, he noted that he also referred to the war in Ukraine. “Germany and the United States will always act together when it comes to security issues in Ukraine,” he said, adding: “In international relations, not everything is sunshine and roses, unlike today in Slos Elmau (D.) “We know something needs to be done. Real communication is very important in international relations.”

Germany: does not expect support for its biofuels proposal

Germany does not expect an agreement on its proposal for a temporary exemption from the G7 directives on biofuels due to resistance from the United States and Canada, a German government source said.

On Thursday, Reuters reported that officials from some G7 countries, including Germany and Britain, would push for a temporary waiver of biofuel orders to combat rising food prices during its leaders’ summit. G7 on Sunday.

“A temporary waiver of biofuel obligations would be an important signal from the G7 to reduce grain prices in the short term and ease the market situation,” the source told Reuters on Sunday.

The source said the rise in fuel prices was the argument put forward by US and Canadian officials against the introduction of an exemption from the biofuels mandate.

A White House official said the issue was being discussed by sherpas at the summit. Canadian officials were not immediately available for comment.

French official: Nuclear deal with Iran will also be discussed

G7 leaders will discuss the prospect of a resumption of nuclear talks with Iran after the European Union’s foreign policy chief met with senior officials in Tehran to try to unblock stalled talks, a senior official said on Sunday.

Iran’s indirect talks with the United States on reviving the 2015 nuclear deal will resume soon, the Iranian foreign minister said on Saturday, amid Jose Borrell’s efforts to break the months-long stalemate.

The official said the talks would take place on Sunday at a dinner between the leaders of the Group of Seven, and more detailed talks would take place on Tuesday morning between France, Britain, Germany and the United States.

The three European powers are parties to the nuclear deal, from which then-US President Donald Trump withdrew in 2018. Under the deal, Iran agreed to curtail its nuclear program in exchange for an exemption from economic sanctions.

The pact seemed to be close to reviving in March, when the EU – which is coordinating the negotiations – called on the foreign ministers representing the parties to the agreement in Vienna to finalize an agreement after 11 months of indirect talks between Tehran and of President Joe Biden.

But talks have since stalled, largely because of Tehran’s insistence that Washington remove the IRGC, its select security force, from the US list of foreign terrorist organizations.

“Talks have intensified between our groups,” the French official said, adding that it was vital to revive the pact on the benefits of nuclear non-proliferation, regional security and also to see how it all fits into the issue of high-level oil prices.