G7 to discuss strengthening global banking system

Finance leaders of the Group Seven advanced economies (G7) are set to discuss ways to strengthen the global financial system, amidst the recent U.S. bank crisis, said Japan’s Finance Minister, Shunichi Suzuki.

“The environment surrounding finance has changed dramatically with the emergence of social media and Internet banking, responding to such changes have become a common challenge for countries across the world, including Japan,” said Suzuki.

The G7 finance chiefs are also expected to discuss the U.S. debt ceiling problem and prevent Russia from evading sanctions, said Japan’s top financial diplomat, Masato Kanda.

“Japan will invite Ukraine’s finance minister to participate in a session on Thursday that will discuss aid to the war-struck country,” Kanda added.

Japan would aim to issue a G7 joint statement after the finance leaders’ meeting stressing on the need for authorities to remain vigilant to banking sector woes.

The G7 stood ready to take appropriate actions to maintain the stability and resilience of the global financial system, said the G7 finance chiefs in a joint statement issued in April after a meeting in Washington DC.