Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

EURO / CANADIAN DOLLAR (EUR/CAD)

SummaryQuotesChartsNews 
SummaryMost relevantAll NewsOther languagesMarketScreener Strategies

G7 leaders agreed to keep the money taps open - source

06/11/2021 | 03:24pm EDT
G7 summit in Cornwall

CARBIS BAY, England (Reuters) - Leaders of the Group of Seven rich nations were in broad agreement about the need to continue supporting their economies with fiscal stimulus after the ravages of the COVID-19 pandemic, a source familiar with the discussions said on Friday.

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 COVID-19 crisis.

The administration of U.S. President Joe Biden has been pushing its allies to keep on spending with Treasury Secretary Janet 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," the source said, adding that Biden, British Prime Minister Boris Johnson and Italy's Mario Draghi expressed particular support.

The International Monetary Fund has repeatedly urged Group of Seven countries and others to continue fiscal support measures.

The source said the G7 leaders believed there should be long-term policies for ensuring the health of public finances in the future, echoing the position of their finance ministers who met earlier this month in London.

Draghi, president of the European Central Bank from 2011 to 2019, 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, the source said.

The leaders believed a post-lockdown rise in inflation in many countries would prove temporary, the source said.

"There was a bit of discussion on inflation but the feeling was that it was temporary," the source said.

G7 leaders stressed the importance of taking action to reduce unemployment such as retraining and offering support for younger workers, a proposal supported by Canada's Justin Trudeau, the source said.

At the opening of the meeting, Johnson said the leaders needed to be careful not to "repeat the mistakes of the last great crisis, the last big economic recession of 2008 when the recovery was not uniform across all part of society."

(Reporting by Guy Faulconbridge; Writing by William Schomberg; Editing by Daniel Wallis)

By Guy Faulconbridge


© Reuters 2021
All news about EURO / CANADIAN DOLLAR (EUR/CAD)
01:43aCanada's climate plan charts hard road ahead for high-polluting oil sands
RE
06/21ICE CLOSING REVIEW  : An About-Face for New Crop Canola
DJ
06/21DOW JONES FXCM DOLLAR INDEX  : ING Asks If It's Time to Jump Back Into Canadian ..
MT
06/21ICE CANOLA MIDDAY  : Canola Down, But Improving
DJ
06/21ICE Canola Weakens Monday Morning
DJ
06/21DOW JONES FXCM DOLLAR INDEX  : RBC on The Week Ahead in Canada
MT
06/21DOW JONES FXCM DOLLAR INDEX  : BMO on The Week Ahead in Canada
MT
06/18Canadian dollar falls for fourth week on Fed 'shock waves'
RE
06/18ICE GRAIN/OILSEED REVIEW  : Canola Mostly Higher, Correcting From Recent Losses
DJ
06/18DOW JONES FXCM DOLLAR INDEX  : Desjardins Says Canada-US Border Restrictions Wil..
MT
More news
Chart EURO / CANADIAN DOLLAR (EUR/CAD)
Duration : Period :
Euro / Canadian Dollar (EUR/CAD) Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends EURO / CANADIAN DOLLAR (EUR/CAD)
Short TermMid-TermLong Term
TrendsNeutralBearishBearish