G7 leaders agreed to keep the money taps open -source By Reuters – Investing.com

CountryMiddle east

© Reuters. British Prime Minister Boris Johnson, U.S. President Joe Biden, Canadian Prime Minister Justin Trudeau, Italian Prime Minister Mario Draghi, President of the European Commission Ursula von der Leyen, President of the European Council Charles Michel, Japan

CARBIS BAY, England (Reuters) – Leaders of the Group of Seven rich nations were in broad agreement about the need to continue supporting their economies with fiscal stimulus, a source familiar with the discussions said on Friday, the opening day of a G7 summit.

The backing for more stimulus was shared by all leaders including Angela Merkel of Germany which has traditionally opposed heavy borrowing to spur growth, a position which it has relaxed in the face of the COVID-19 crisis.

The administration of U.S.

President Joe Biden has been pushing its allies to keep on spending with Treasury Secretary Janet Yellen urging her G7 colleagues in February to “go big”.

The source said the G7 leaders believed there should be long-term policies for ensuring the...read more...