G-7 Vows to Use All Policy Tools to Counter Coronavirus Impact

Economy

Tokyo, March 3 (Jiji Press)--Top finance officials of the Group of Seven advanced economies said Tuesday that they will take all possible policy tools to counter potential impacts on the global economy from the new coronavirus.

The G-7 finance ministers and central bank governors said they "reaffirm our commitment to use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks."

The ministers are "ready to take actions, including fiscal measures where appropriate, to aid in the response to the virus," the officials said in a statement issued after their meeting over the phone.

The central banks "will continue to fulfill their mandates, thus supporting price stability and economic growth," the statement said.

This is the first time that the G-7 finance ministers and central bank governors have held an emergency phone meeting and released a joint statement since June 2016, when Britain decided to leave the European Union.

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Jiji Press