Germany assumes G7 Presidency
In 2022, Germany assumed the presidency of the Group of Seven (G7) for the third time. The G7 is an informal gathering of the Heads of State or Government of the seven most advanced industrial economies and an informal forum for exchanging views and opinions and coordinating joint policy positions. Its members are Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
Until 31 December 2022, Bundesbank President Joachim Nagel and Federal Finance Minister Christian Lindner will jointly host and chair the meetings of the G7 finance ministers and central bank governors in the G7 Finance Track. Here, the finance ministers and central bank governors of the G7 countries exchange ideas and opinions about long-term international fiscal policy issues and current challenges in this area. A highlight of the Finance Track will be the meeting of finance ministers and central bank governors in Bonn and Königswinter from 18 to 20 May 2022.
Under the German G7 Presidency, the meetings of the G7 Deputies, which serve to prepare the meetings of the G7 finance ministers and central bank governors, will be co-hosted and co-chaired by Bundesbank Vice-President Claudia Buch and Carsten Pillath, State Secretary in the Federal Ministry of Finance. The results of the G7 Finance Track, together with the outcomes of the meetings of other government ministries (Sherpa Track), feed into the annual G7 summit meetings of Heads of State or Government, scheduled to take place this year at the Schloss Elmau in Bavaria from 26 to 28 June. In addition to the G7 meetings, a series of high-level international expert conferences on the German presidency’s Finance Track key priorities will take place in 2022, organised by the Bundesbank and/or the Federal Ministry of Finance.
The German G7 Presidency’s Finance Track priorities
Germany has set three key priorities in the G7 Finance Track, which were presented to the G7 Deputies on 27 January 2022:
- Define the path for a sustainable economic recovery from the COVID-19 pandemic
- Ensure economic and financial stability and resilience against future crises
- Shape the transformation processes in the context of digitalisation and climate neutrality.
In addition to the aforementioned key priorities, the finance ministers and central bank governors will also ensure continuity on other topics of the G7 agenda, including coordination on issues relating to IMF business and the activities of the multilateral development banks and their governance.
At the end of 2022, Germany will hand the G7 Presidency over to Japan.