G-7 finance chiefs boost Ukraine aid, propose supply chain planIgnazio Visco, governor of the Bank of Italy, seated front row from right, Francois Villeroy de Galhau, governor of the Bank of France, Tiff Macklem, governor of the Bank of Canada, and Christine Lagarde, president of the European Central Bank (ECB), ahead of the central bank session of the Group of Seven (G-7) finance ministers and central bank governors meeting in Niigata, Japan, on Saturday. - Financial stability -The need to ensure global financial stability was a prominent theme following the collapse of Silicon Valley Bank and First Republic Bank and the takeover of Credit Suisse. The world’s top economic policymakers said they would closely monitor developments in the banking sector and “stand ready to take appropriate actions” to maintain financial stability. The finance ministers and central bank governors also said they would address vulnerabilities in non-bank financial intermediation and tackle liquidity issues in open-ended funds. That indicates growing concerns among the G-7 over China, given its role in supplying and manufacturing for the global economy.
