Finance leaders of the Group of Seven (G7) advanced economies set a year-end deadline for launching a new scheme to diversify global supply chains, and vowed to address regulatory gaps in the banking system, according to a final draft of their communique seen by Reuters.
In the draft communique, the G7 central banks said they remained "strongly committed" to achieving price stability and ensuring inflation expectations stayed well-anchored.
The finance ministers and central bank governors of the G7 rich democracies will issue the communique after their three-day meeting in the Japanese city of Niigata concludes later on Saturday., which overshadowed the G7 gathering as policymakers fretted over the risk of a potential U.S. default. "Diversification of supply chains can contribute to safeguarding energy security and help us to maintain macroeconomic stability," the draft communique said.
But it said G7 countries will work to ensure foreign investment in critical infrastructure "does not undermine the economic sovereignty of host countries."
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