Biden won the G7 summit for a “cost-cutting” plan, as Western leaders rejected austerity in the post-Covid world and promised to address inequality at home and abroad.
Biden’s call for continued economic stimulus was supported by partner leaders summit in Cornwall In the south-west of England, in a gathering of leaders, because at the moment when the west begins to retaliate against China, which is growing.
The US President opened the first session of the summit in Carbis Bay ըստ, according to one witness, was supported by all G7 leaders, as he called on the West to “meet the moment, to support the economy”.
The Prime Minister of Italy, former head of the European Central Bank Mario Draghi, said to Biden: “There is a serious case for expansionary fiscal policy.”
Draghi argued that it was right to spend now, even if Western countries had to take longer-term fiscal measures to calm markets, ensure central bankers were not afraid, and raise interest rates too much.
In a declaration summarizing the apparent transformation of the West into social democracy, summit leader Boris John Onson said it was very important that the epidemic did not cause a “scars” of inequality.
Opening the summit, he said“It is vital that we do not repeat the mistakes of the last great crisis, the last great economic downturn of 2008, when the recovery process was not uniform in all parts of society.”
The Conservative Prime Minister of the United Kingdom has previously called the austerity policies of David Cameron’s government “wrong”.
John Onson said recovery should be built in a “more neutral, more feminine” environment.
While the G7 commitments are not binding, the appetite for fiscal expansion has given rise to some awkward discussions this fall between John Onson and his Conservative financial chancellor, Rishi Sunak.
The G7 countries will use the summit to increase spending to help developing countries send a clear message that the West is offering an alternative to Beijing’s support.
The leaders agreed to supply 1 billion doses of the vaccine to poorer countries, which in response to China’s “vaccine diplomacy.” The United States has said Beijing is offering “medical care” with “attached wires”.
The G7 will use the weekend meetings to discuss a program to help poor countries tackle climate change, which some British officials have designed as a capital investment program as a counterweight. China Belt և Road global infrastructure project.
Meanwhile, the summit will approve New system of taxation of large multinational companies, although there is still controversy over which companies should be included in it.
Biden does not want to overburden American technology companies, while Britain does fight to exclude big banks“The United States does not see a conceptual basis for excluding financial services,” he said.
Four years after Donald Trump’s presidency, when the G7 became an inconsolable forum of division and frustration, the mood on the shores of the Cornwall was definitely good at the start of the three-day summit.
French President Emanuel Macron shook hands with Biden during his first foreign trip as US president on the Gulf Coast to discuss the need for “middle-class” democracies.
Meanwhile, Canadian Just Astin Trudeau, who had previously warned that austerity programs had contributed to the rise of populism, was among those drowning.
On Friday evening, G7 leaders and colleagues traveled to the Eden Project, a futuristic nature park, to meet with Queen Elizabeth and other members of the royal family. It is planned to make a barbecue on the beach on Saturday.
The summit continues on Saturday with further discussions on the economy, foreign policy and healthcare. It concludes with lunch on Sunday after a discussion on combating climate change.