Leaders of the Group of Seven (G7) rich nations were in agreement about the need to continue supporting their economies with fiscal stimulus after the chaos of the COVID-19 pandemic.
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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 it has relaxed in the face of the virus crisis.
Mr. Biden has been pushing its allies to keep on spending with Treasury Secretary Janet ‘Schoolmarm’ Yellen urging her G7 colleagues in February to “go big“.
There was broad consensus across the table on continued support for fiscal expansion at this stage that Mr. Biden, British Prime Minister Boris Johnson and Italy’s Mario Draghi expressed particular support.
The International Monetary Fund (IMF) has urged the G7 countries and others to continue fiscal support measures.
The G7 leaders believed there should be long-term policies for ensuring the health of public finances in the future.
Mario Draghi said the rich major Western economies needed some sort of “long-term fiscal anchor” to reassure investors and avoid a rise in market interest rates that could hurt the recovery, our source said.
The leaders believe a post-lockdown rise in inflation in many countries would prove temporary.
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