G7 countries determined to contain rising inflation – Xinhua

Photo taken in Frankfurt, Germany on May 20, 2022 shows a screen showing German Finance Minister Christian Lindner speaking at a press conference after the meeting of G7 finance ministers and central governors which took place is held in Petersberg, Germany. The Group of Seven (G7) countries are determined to contain the inflation spiral, Christian Lindner said on Friday.

“In most G7 countries, inflation rates have reached levels not seen in decades,” said a statement released after the meeting.

“G7 central banks are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, in ensuring that inflation expectations remain well anchored, while ensuring that the recovery is preserved and the negative spillovers between countries limited. (Xinhua/Lu Yang)

FRANKFURT, May 20 (Xinhua) — The Group of Seven (G7) countries are determined to contain the inflation spiral, German Finance Minister Christian Lindner said on Friday.

Speaking at a press conference after the G7 finance ministers and central governors meeting held in Petersberg, Germany, Lindner called on central banks to curb runaway inflation.

“In most G7 countries, inflation rates have reached levels not seen in decades,” said a statement released after the meeting.

“G7 central banks are closely monitoring the impact of price pressures on inflation expectations and will continue to appropriately calibrate the pace of monetary policy tightening in a data-dependent and clearly communicated manner, in ensuring that inflation expectations remain well anchored, while ensuring that the recovery is preserved and the negative spillovers between countries limited.

Joachim Nagel, head of Germany’s central bank, Bundesbank, also expressed concern about inflation when hosting the press conference with Lindner.

Earlier this month, Nagel, also a member of the Governing Council of the European Central Bank (ECB), explicitly proposed that the ECB end bond purchases as a first step in late June and start raising interest rates. interest in July.

G7 ministers and governors reaffirmed their financial support for Ukraine at the Petersberg meeting. They also revealed that G7 countries have mobilized $19.8 billion in budget support to help Ukraine in 2022.

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