Jueves, 19 Octubre, 2017

G7 finance chiefs talk cyber security in wake of attacks

United States Treasury Secretary Steven Mnuchin right is flanked by Japanese Finance Minister Taro Aso following their bilateral talks at the G7 of Ministers of finance in Bari southern Italy Friday G7 to give unchanged message on trade, foreign exchange: official Add to ...
Manuel Armenta | 19 May, 2017, 23:28

International Monetary Fund managing director Christine Lagarde arrives for the opening session of the G7 of Finance ministers in Bari, southern Italy, Friday, May 12, 2017.

The G7 meetings in Italy was also overshadowed by the inability of the members to adopt a united stance on issues such as imposing sanctions on Russian Federation and how to deal with a UN-backed deal on climate change, which the new US administration views with skepticism.

Mnuchin said earlier Saturday that he had productive meetings with his counterparts at Bari on the need to protect the financial IT infrastructure.

Visco also said no one at the G7 finance meeting signalled Italy as a source of possible tensions in view of the political elections due in the country in spring 2018.

"I want to draw your attention to growth and social inclusion", said Italian Finance Minister Pier Carlo Padoan, who was hosting the Group of Seven (G7) Ministerial Meeting on Finance in Bari, Italy, on May 11-13.

The Associated Press reports, "Mnuchin says major trading partners "are much more comfortable" with the Trump administration's stance on trade and tax policy and understand that they will benefit from the intended US growth".

The U.S. Treasury Secretary's first G-7 outing came in the wake of an announcement a deal to boost the country's exports of gas and beef to China.

As growing protectionism is feared under the administration of US President Donald Trump, the statement skipped any explicit wording on protectionism, as did a statement issued by Group of 20 finance chiefs in March. Monetary policy should continue to support the economy, they said, while recognizing the world faces a prolonged period of modest growth and rising inequality. During his presidential campaign, Trump charged that past administrations had failed to take a tough stand on enforcing trade agreements and this failure had cost millions of good-paying factory jobs and resulted in an enormous US trade deficit.

"All the six others. said explicitly, and sometimes very directly, to the representatives of the United States administration that it is absolutely necessary to continue with the same spirit of global cooperation", French Finance Minister Michel Sapin told reporters.

In a communique issued after their two-day meeting in Bari, southern Italy, the G-7 called cyberattacks "a growing threat" for the world economy and vowed to take measures in the wake of a global cyberattack Friday that infected tens of thousands of computers in almost 100 countries.

"While many potential policy responses are largely domestic, some of them require, by definition, a collective effort", it stressed.

The meeting prepares the way for a summit at the level of presidents and prime ministers in Taormina, Sicily, on May 26-27.

The US refused to abandon its protectionist stance as the G7 - composed of the US, Japan, Germany, Britain, France, Italy and Canada - continued to wrangle over a common trade policy.