According to German Finance Minister Christian Lindner, the Group of Seven (G7) countries are resolved to get inflation under control. Speaking at a news conference following the G7 Finance Ministers and central governors meeting in Petersberg, Germany, Lindner urged central banks to rein in rising inflation. The article is about G7 Countries Determined to Rein in Rising Inflation.
“Inflation rates have reached levels not seen in decades across most G7 nations,” according to a communiqué issued following the conference. “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, ensuring that inflation expectations remain well-anchored while being mindful of safeguarding the recovery and limiting negative cross-country spillovers,” the statement says.
While hosting the news conference with Lindner, Joachim Nagel, Bundesbank’s chief of the German central bank, expressed his worries over inflation. Nagel, a member of the European Central Bank’s governing council, suggested earlier this month that the ECB should halt asset purchases in June and begin hiking interest rates in July as a first step.
At the Petersberg summit, the G7 ministers and governors confirmed their financial support for Ukraine. They also disclosed that the G7 countries have committed to providing Ukraine with 19.8 billion dollars in fiscal support by 2022.
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