G7 Finance Ministers Meet in Banff to Tackle Global Economy and Ukraine Crisis
Banff — Senior economic leaders from the G7 spent an entire day in closed meetings on Wednesday to discuss critical issues such as the worldwide economy and the conflict in Ukraine.
The gathering of the group’s finance ministers and central bank governors in Banff, Alberta, serves as an introduction to the upcoming G7 leaders summit scheduled for June in the proximate area of Kananaskis.
This follows the imposition of worldwide tariffs by the U.S., which has led numerous countries to reassess their trade ties.
“The discussions we had were extremely fruitful, and there was great participation,” stated Finance Minister François-Philippe Champagne when he went out for some fresh air around late Wednesday afternoon.
You have witnessed all the ministerial delegations, and we are advancing in our discussions and addressing various issues we chose to take on… thus, I remain quite hopeful.
However, Champagne remained vague regarding whether the ministers would reach an accord once their discussions concluded on Thursday.
He remarked, ‘I have often stated that predicting the past is simpler than forecasting the future.’
A significant amount of dialogue took place this morning, leading us to reach an agreement that will enable the G7 to move forward. This is certainly positive.
Champagne was getting ready for an evening discussion with U.S. Treasury Secretary Scott Bessent, who is one of the principal designers of President Donald Trump’s extensive tariff policies.
“I prefer not to jump to conclusions before our discussion. Both countries have numerous topics to cover,” he stated.
We will discuss several topics, and undoubtedly, we’ll have additional insights once we conclude our conversation.
Champagne mentioned that advancements were achieved in formulating strategies to aid in rebuilding Ukraine, with the nation’s finance minister participating as a guest.
We stand side by side. We will ensure accountability for Russia’s actions and address issues related to reconstruction. The strong unity among the G7 countries alongside Ukraine stands out as a crucial outcome of this meeting.
Bessent and Champagne shared a cordial handshake during the morning photo op. “I’m glad you could make it,” Champagne commented warmly.
Against the stunning background provided by the slopes of Mount Rundle, Governor Tiff Macklem from both Champagne and the Bank of Canada joined everyone else for a handshake followed by a family photograph.
“We provided some Canadian sunshine for you, minister – genuine Canadian sunshine,” Champagne said to Japan’s finance minister Katsunobu Kato, standing beside two Mounties in the courtyard of the Rimrock Resort Hotel.
The heads of various institutions such as the World Bank, International Monetary Fund, and Financial Stability Board will also be present at this meeting.
“There’s plenty of financial reform on our list,” Macklem told Klaas Knot, who leads the Financial Stability Board.
“Financial stability, both today and tomorrow, is what I adore,” Knot responded.
Macklem and Champagne also had meetings with representatives from France and Italy, whereas Bessent’s team from the United States connected with officials from Germany and Japan.
The finance minister’s cooperative approach might encounter obstacles as nations strive towards the concluding joint declaration typically issued at summit closures, noted John Kirton, director of the University of Toronto’s G7 Research Group.
The willingness of the U.S. to characterize the conflict in Ukraine as an unlawful assault by Russia might lead to disagreements, particularly because of Trump’s more amicable stance toward Russia, according to Kirton. During this week’s summit, Champagne extended an invitation to the Ukrainian finance minister.
Kirton mentioned that there might not be any written communiqué following Thursday’s discussions. This outcome, he noted, would be considered disappointing since Champagne, being the host, aimed to convey a unified message before these gatherings began.
The G7 includes Canada, the United States, France, Germany, Italy, Japan, the United Kingdom, and the European Union as a “non-enumerated member.”
— With contributions from Bill Graveland in Banff
The report from The Canadian Press was initially released on May 21, 2025.
Matthew Scace, The Canadian Press