The G7 Summit: What You Need To Know

Today marks the beginning of this year’s G7 summit, where world leaders meet to discuss shared macroeconomic initiatives.  Hosted by French President Emmanuel Macron in Biarritz, all leaders have now arrived:

British Prime Minister Boris Johnson, US President Donald Trump, Canadian Prime Minister Justin Trudeau, Japanese Prime Minister Shinzo Abe, Italy’s caretaker Prime Minister Giuseppe Conte, and German Chancellor Angela Merkel.  These countries make the foundation of the summit, as they have the seven largest IMF-described advanced economies in the world, and some of the most powerful democracies.  The Egyptian President, Abdel Fatteh el-Sissi and Chilean President Sebastian Pinera are also invited to the two-day summit as guest countries.

President of the European Council, Donald Tusk has stated it will be an ‘unusually difficult’ meeting of the leaders.  He warns against trade wars, which he believes could lead to a global recession, and the advancement of technology that is developing more quickly than the ability to regulate it.  Tusk summarized by stating that this summit could be the last moment to restore unity among the G7 countries.

The issue at the top of the agenda is climate change.  Tusk has supported Macron’s decision to prioritize the Amazon wildfires, despite Brazilian President Jair Bolsonaro promising to take a tough action approach by sending in the military to tackle the flames.  In an introductory speech, Macron stated, ‘we need to help Brazil and other countries put down these fires, and then we need to reinvest in reforestation.’

The discussions continue.

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