All articles tagged with #finance ministers
EU finance ministers and ECB have agreed on the next steps for the digital euro, a digital currency backed by the European Central Bank, including giving ministers a say in issuance and holding limits, as progress is made despite legislative delays and concerns over banking impacts and privacy.
G7 finance ministers reported progress but no final agreement on using frozen Russian assets to support Ukraine during their meeting in Stresa, Italy. They discussed potential avenues to utilize the assets, facing legal and technical challenges, and aim to present a proposal at the G7 leaders' summit next month. The EU has approved using interest from frozen Russian assets, potentially generating €3 billion annually for Ukraine. The US proposed a loan facility backed by future interest from these assets, which could raise $50 billion for Kyiv.
Divisions among finance ministers of the Group of 20 nations have emerged over the possibility of seizing Russian central bank assets to support Ukraine, with France's finance minister, Bruno LeMaire, stating that seizing the frozen assets would violate international law, while U.S. Treasury Secretary Janet Yellen suggested that there was a legal justification for doing so. The debate over seizing more than $300 billion in Russian central bank assets has gained urgency amid waning political support in the United States and Europe to continue providing Ukraine with economic and military aid.
U.S. Treasury Secretary Janet Yellen has urged finance ministers from Asia Pacific Economic Cooperation (APEC) countries to focus on boosting their economies' productive capacity, financing the transition to low-carbon energy, and providing opportunities for the poor. Yellen emphasized the need for collaboration among the 21 APEC economies to achieve the goals of creating an open, dynamic, resilient, and peaceful Asia-Pacific community. The meeting comes amid concerns over slowing growth, inflation, and tensions between the U.S. and China. Yellen also highlighted the importance of sustainable growth, leveraging emerging technologies, and addressing climate change.
Finance ministers from the G20 nations are meeting in India to address global economic challenges, including climate change and rising debt among low-income countries. The focus is on strengthening the global economy through coordinated international efforts, as growth remains uneven and below average. The finance minister of India, the host country, emphasized the need for collaboration in navigating this challenging period. U.S. Treasury Secretary Janet Yellen, fresh from a trip to Beijing, is also attending the meetings and working with India to further the G20's agenda.