President of the Eurogroup and Minister for Public Expenditure, NDP Delivery and Reform, Paschal Donohoe, T.D., is in Japan where he will participate in the G7 meeting of Finance Ministers and Central Bank Governors.
In his capacity as Minister for Public Expenditure, National Development Plan Delivery and Reform, the visit will include meetings in Tokyo on 10 May hosted by the Ambassador of Ireland to Japan to promote business links between a number of State Agency client companies and their Japanese business partners.
The G7 meeting, which takes place on 11-13 May, will be chaired by the Japanese Presidency of the G7. During the meeting, Minister Donohoe, as President of the Eurogroup, will take part in discussions which will focus on providing continued support to Ukraine’s economic resilience and reconstruction; global economic stability, growth and recovery; accelerating climate action and an orderly and just transition to net zero; and the key challenges for the international financial sector. In dialogue with partner countries, the agenda will focus on tackling immediate challenges facing developing countries and strengthening international cooperation for sustainable and inclusive growth.
The agenda for the second day includes a joint meeting of G7 Finance and Health Ministers, an update on progress on international taxation and work on development finance and economic security.
Speaking ahead of his participation in the meeting, Minister Donohoe said:
“The global economy faces a complex confluence of geopolitical and climate challenges.
“The G7 meeting is an important opportunity for the European Union to continue working with our international partners to build a more sustainable, secure and prosperous global economy.
“The euro area economy has proven resilient in the face of an unprecedented series of shocks, but there is no room for complacency. This is why the euro area has taken a collective commitment to enhancing our competitiveness, including strengthening our Banking Union and our plans to deepen our Capital Markets Union.
“Following my recent meeting with the Ukrainian Finance Minister, I will reiterate my unwavering support for Ukraine and its reconstruction.”
Notes for editors:
The meeting will be chaired by the Japanese Finance Minister, Shunichi Suzuki, and Governor of the Bank of Japan, Kazuo Ueda, who jointly lead the Finance track of the G7 under the Japanese Presidency of the G7. The G7 is an informal forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States and the European Union. The European Union is represented at G7 Finance Ministers and Central Bank Governors meetings by the President of the Eurogroup and the European Commission alongside the President of the European Central Bank. In addition to G7 members, invited countries and international organisation, such as the IMF and the World Bank, also participate in the meetings. Invited partner countries to the Niigata meeting are the Finance Ministers of Brazil, Comoros, India, Indonesia, the Republic of Korea and Singapore.