G7 finance ministers’ meeting

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G7 finance ministers’ meeting in London

The Minister of the Economy and Finance made a statement on the G7 finance ministers’ meeting, which was held in London on 10 and 11 May under Britain’s presidency.

The G7 discussions, which follow those of the Washington G20 finance ministers’ meeting of 18 and 19 April 2013, allowed us to continue rebalancing the economic policy approach on growth and fiscal consolidation. In a context where financial tensions are relatively calmed, but where recovery prospects remain unequal between the G7 countries’ economies, significant points of agreement were noted. The balance of priorities between growth and employment on the one hand, and fiscal consolidation as part of medium-term strategies rooted in structural adjustment management on the other, now addresses the wishes expressed by France.

The G7 consolidated the progress on fighting banking secrecy, tax havens and tax avoidance. France recalled her priorities: the adoption of the automatic information exchange as a new European and global standard; fighting tax base erosion, particularly in the digital world; fighting the opacity of legal entities, such as trusts, and fighting for beneficial owners to be identified; fighting money laundering, and the general implementation of transparency obligations, country by country, beyond the banking sector. The joint guidelines are in line with these priorities and the wish to achieve a commensurate level of progress on all these issues, at European and international levels.

Finally, the G7 meeting provided an opportunity for detailed discussion of the progress of financial regulation. Its members renewed their determination to implement the G20’s agenda and principles. Among other things, they debated the principles to be applied to the resolution of banking crises, in parallel with the discussions under way on the draft European directive, one of the essential components of the banking union project.

The G7 meeting allowed us to talk about issues which are at the heart of the global governance of economic policies. In this way it contributed to preparing the forthcoming European and international meetings: the European Council of 22 May, the G8 summit in Lough Erne on 17 and 18 June under Britain’s presidency, the European Council of 27 and 28 June and the G20 summit in St Petersburg on 5 and 6 September under Russia’s presidency. It was an important sounding board for the positions France promoted with conviction. (...)./.