Developments, comments and assessments of the summit of the group of seven leading economies and democracies (G7) from June 26th to 28th at Schloss Elmau:
G7 and host countries want to strengthen the resilience of their democracies
The Group of Seven Economic Leaders (G7) and the five host countries at the G7 have underlined their determination to strengthen their democracies. After meeting at Schloss Elmau in Bavaria, the heads of state and government of Argentina, Canada, France, Germany, India, Indonesia, Italy, Japan, Senegal, South Africa, the United Kingdom, the United States and the European Union declared that they would strengthen the resilience of their Strengthen democracies and want to work towards “just, inclusive and sustainable solutions to global challenges”. This also includes the countries’ efforts on climate change and the Covid-19 pandemic. The countries also renewed their commitment to the rules-based international order, as stated in the “2022 Declaration on Resilient Democracies”.
Scholz: G7 closed on the side of Ukraine
Federal Chancellor Olaf Scholz (SPD) has assured Ukraine that the group of seven leading economic nations (G7) will continue to support them. “As the G7, we stand united on Ukraine’s side and will continue to support them,” Scholz said on Twitter. “We have to make tough but necessary decisions.” In the tweet, Scholz thanked Ukrainian President Volodymyr Zelensky for attending the G7 summit in Elmau. “We will continue to increase the pressure on Putin,” declared the Chancellor. “This war must end.”
Selenskyj calls on the G7 to make an effort to end the war before the end of this year
Ukrainian President Volodymyr Zelenskyy has called on the G7 countries to make an effort to end the war in his country this year. In a video call, Zelenskyj called on the heads of state and government of the G7 group to “do everything” to achieve this goal, as G7 circles said at the summit in Schloss Elmau. Continuing the war through the winter would pose great problems for his country. In order to end the war, the G7 countries would have to further tighten sanctions against Russia, Zelenskyy said. The President was connected to the G7 summit in the Bavarian Alps via video link. Zelenskyy conveyed a “very strong message” to the summit participants, according to sources in the circles. The G7 group must continue to impose “massive” punitive measures on Russia and must “not reduce the pressure”.
IfW: G7 should decide on import duties on oil and gas from Russia
According to the Kiel Institute for the World Economy (IfW), a tariff on Russian energy supplies would be a sensible sanction against Russia, which the G7 should decide at their summit in Elmau. It is preferable to the US proposal for a price cap. “A tariff reduces Russia’s income and increases the income of the G7, which means that the burden on citizens from high energy prices can be cushioned,” said IfW trade researcher Alexander Sandkamp. Although consumption prices would rise, the customs duty would generate revenue that could be passed on to the population as an energy flat rate. On the other hand, an upper price limit below the world market price would further fuel demand for energy, because this would make energy cheaper and mask the real energy shortage.
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June 27, 2022 12:40 PM ET (16:40 GMT)