G7 leaders’ sweeping declaration glosses over their disagreements
Print Edition
THE leaders of the Group of Seven rich economies ended a summit yesterday by issuing an action plan for countering terrorism and other risks to peace and global growth, including the massive flows of refugees and migrants fleeing to Europe to escape conflict and poverty at home.
A sweeping declaration from the meeting at a Japanese seaside resort covered a raft of global and regional challenges.
The G7 leaders claimed a “special responsibility” for beefing up policies to stimulate and sustain growth of their sluggish economies. But their declaration glossed over disagreements over coordinating public spending policies to help perk up weak consumer spending and business investment, saying each country would take into account “country-specific circumstances.”
Germany, in particular, has balked at calls from other G7 members to commit to an expansionary fiscal policy.
“Weak demand and unaddressed structural problems are the key factors weighing on actual and potential growth,” the declaration said. “We remain committed to ensuring that growth is inclusive and job-rich, benefiting all segments of our societies.”
In a nod to concerns over how to pay for such spending, the declaration includes a reference to the need to put debt “on a sustainable path.”
The G7 host, Japanese Prime Minister Shinzo Abe, said he had won support from his counterparts for his own “three arrows” economic strategy of ultra-loose monetary policy, public spending and longer-term reforms.
“We will be launching ‘Abenomics’ to the world,” he said.
Christine Lagarde, head of the International Monetary Fund, said there was agreement on such a three-pronged approach. She said the IMF would help identify what countries could and should do to help counter slowing growth.
Abe appealed to his fellow leaders to act to avert another global crisis, comparing the current global economic situation to conditions just before the 2008 financial crisis.
Lagarde was less alarmist, saying: “We are out of the crisis but we are suffering the legacy of the crisis.”
The leaders expressed concern over territorial tensions in the East and South China Sea. The declaration does not mention China, but calls for respecting freedom of navigation and of overflight and for resolving conflicts peacefully through law.
The summit declaration also highlighted joint efforts on corruption, cyber crimes, terrorism, global health and migration as other top priorities.
China ‘strongly dissatisfied’
CHINA is strongly dissatisfied with a G7 members’ statement expressing concern over the South China Sea, a foreign ministry spokeswoman said yesterday.
“As the G7 host, Japan is hyping up the South China Sea issue and fanning the flame of tensions,” Hua Chunying said, adding that such action was not beneficial to stability in the region and did not accord with the G7’s position as a platform for managing developed economies.
“China is strongly dissatisfied with what Japan and the G7 have done.” Hua said, calling on G7 members to abide by their promise of not taking sides on territorial disputes.
The G7 should focus on economic and development issues of global concern, she said.
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