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

  • Date: 12-Jun-2021
  • Source: Investing.com
  • Sector:Economy
  • Country:Middle East
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G7 leaders agreed to keep the money taps open -source By Reuters – Investing.com

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".