At a press conference on Tuesday 3 February, French Minister of the Economy, Finance and Industrial, Energy and Digital Sovereignty Roland Lescure presented France’s three main economic and financial priorities for its G7 presidency: reduce macroeconomic imbalances and strengthen economic security; redefine the framework for partnerships with developing countries; and support balanced and sustainable growth, while preserving financial stability.
Referring to “geopolitical fragmentation”, trade tensions, the rise of “Chinese overcapacity”, accelerated digital transformation and the questioning of multilateralism, Mr Lescure described a global situation that has become “untenable”, weakening international stability and posing serious threats to growth and public security.
The minister specifically addressed the issue of critical mineral supplies at a time when the European Commission is seeking to negotiate a memorandum of understanding with Washington (see EUROPE 13785/3). Alongside support for Ukraine and tensions over Greenland, access to critical resources was one of the “urgent issues” brought to the G7 partners’ attention by the French minister at a preliminary ministerial meeting held by videoconference on Tuesday 27 January.
“One of the major objectives of the ‘G7 Finance’ is to contribute to a balanced organisation of the rare earths market, which has become a central strategic issue, even a weapon of coercion. (...) This market is characterised by a high concentration of supply, which increases our dependencies and weakens our value chains. Rare earths are the oil of tomorrow”, said Mr Lescure on Tuesday afternoon.
Digital. In the digital sphere, France will focus on the security of artificial intelligence, its potential for innovation in the economy, reconciling the digital and environmental transitions, and protecting minors online.
Ministerial meetings are scheduled in Washington in April, in Paris in May, and the G7 summit will be held from 15 to 17 June in Evian-les-Bains.
See the programme of the French G7 presidency (in French): https://aeur.eu/f/kk8 (Original version in French by Bernard Denuit)