On Monday 30 March, the G7 countries called on all countries to refrain from imposing “unjustified” restrictions on the export of oil, gas and related products in order to preserve the stability of world markets.
In a joint statement issued at the end of an emergency meeting to take stock of the macroeconomic impact of the war in the Middle East started by the United States and Israel, the G7 energy and finance ministers stressed the need to maintain sufficient supply.
“We support appropriate efforts to sustain adequate supply in global oil and gas markets, and note the International Energy Agency (IEA)’s options to manage demand, depending on country circumstances, in order to help smooth market conditions and limit excessive volatility”, they said, welcoming the IEA’s decision to release oil stocks from their emergency reserves (see EUROPE 13826/1).
The G7 countries also stress the importance of maintaining “uninterrupted trade flows” by securing maritime routes and infrastructures.
The governors of the central banks of the United States, Canada, the United Kingdom, France, Germany, Italy and Japan also attended the meeting and pledged to maintain price stability and “ensure the continued resilience” of the financial system.
“Monetary policy will remain data-dependent. To that end, Central Banks are closely monitoring the impact of energy and other commodity price pressures on inflation, inflation expectations, and economic activity”, they said.
One point that came up “very frequently” during the discussion was “the right calibration of responses” by national governments in adopting “timely, tailored and targeted” budgetary measures to target those vulnerable to soaring energy prices, said a diplomatic source.
The ministers and governors also called on the IMF, the World Bank and the OECD to deepen their analysis of the economic consequences of developments in the energy markets, particularly for developing countries.
Ukraine. The G7 countries reaffirmed their “unwavering support” for Ukraine in defending its territorial integrity and their commitment to “keep the pressure on Russia, in view of achieving a just and lasting peace in Ukraine”.
According to this source, it was “essential for France”, which holds the presidency of the G7, to reaffirm its support for Ukraine.
See the joint press release: https://aeur.eu/f/le0 (Original version in French by Bernard Denuit with Mathieu Bion)