Joe Biden won support for the “Continue Spending” plan at the G7 Summit. This is because Western leaders have refused austerity in the post-Covid world and vowed to tackle domestic and international inequality.
Biden’s call for continued economic stimulus Cornwall Summit In South West England, at a rally organized by leaders the moment the West launched a counterattack against Ascendant China.
The US President began the first session of the summit in Carvis Bay, and was endorsed by all G7 leaders when he called on the West to “meet in the moment and support the economy,” according to one witness.
Following Biden, Italy’s Prime Minister and former European Central Bank President Mario Draghi declared that “there are compelling examples of extended fiscal policy.”
Draghi will use it now, even if Western nations have to reassure markets and promise long-term fiscal prudence to prevent central banks from fearing and raising interest rates excessively. Claimed to be correct.
In a declaration summarizing the apparent shift to Western social democracy, summit organizer Boris Johnson said it was imperative that the pandemic not cause “permanent wounds” of inequality. It was.
Open the summit, He said: “It is important not to repeat the mistakes of the last big crisis, the last big recession of 2008. At this time, the recovery was not uniform in all parts of society.”
Britain’s Conservative Prime Minister has previously described the austerity policy adopted by his predecessor, the David Cameron administration, as a “mistake.”
Johnson also said that recovery should be built in a “more gender-neutral and more feminine way” with the environment in mind.
The G7’s commitment is not binding, but the willingness to expand the West’s finances set the stage for some nasty debates this fall between Johnson and his financially conservative Prime Minister Rishi Sunak. Set.
The G7 countries will use the summit to promise higher spending to support developing countries and convey a clear message that the West will provide an alternative to the support provided by Beijing.
Leader Agreed to supply 1 billion vaccines to poor countries, This corresponds to China’s “vaccine diplomacy”. The United States claims that Beijing provides “tied” medical assistance.
The G7 will use weekend meetings to discuss plans to help poor countries tackle climate change. One Belt, One Road in China Global infrastructure program.
On the other hand, the summit New system for taxing the largest multinationalsHowever, there is still controversy over which companies should be included in the scope.
Biden doesn’t want to overburden U.S. tech companies, but the UK Fight to eliminate big banks.. “The United States has not seen the conceptual basis for the exclusion of financial services,” said a US Treasury official.
The mood on the Cornish coast was clearly bright at the start of the three-day summit when the G7 became a gruesome forum for division and riots after President Donald Trump’s four-year presidency.
French President Emmanuel Macron shook his arms around Biden on Carvis Bay Beach on his first trip abroad as US President to discuss the need for democracy to work for the “middle class.”
Meanwhile, Canada’s Justin Trudeau, who had previously warned that austerity contributed to the rise of populism, was among those submerged in the sea.
On Friday night, G7 leaders and partners visited the Eden Project, a futuristic environmental park, to meet Queen Elizabeth and other members of the royal family. A beach barbecue is scheduled for Saturday.
Following Saturday, the summit will discuss further economics, foreign policy and health. After discussing our commitment to climate change, we conclude with Sunday lunchtime.
World leaders in favor of the Biden G7 want more economic stimulus
Source link World leaders in favor of the Biden G7 want more economic stimulus