Joe Biden (Joe Biden) won the support of the “continue spending” plan at the G7 summit because Western leaders rejected the austerity policies of the post-Covid world and vowed to resolve inequality at home and abroad.
Biden called for continued economic stimulus, which was supported by other leaders Cornwall Summit In southwest England, a rally was framed by leaders as the West began to counter the rising China.
The American president opened the first meeting of the summit in Carbis Bay. According to an eyewitness, he called on the West to “greet the opportunity and support the economy”, and this has won the support of all G7 leaders.
Italian Prime Minister and former European Central Bank President Mario Draghi followed Biden’s announcement: “There are compelling reasons for expansionary fiscal policy.”
Draghi believes that spending is right now, even if Western countries must commit to long-term fiscal prudence to appease the market and ensure that central bank governors do not panic and raise interest rates excessively.
In summarizing the manifesto of the West’s apparent shift to social democracy, summit host Boris Johnson stated that it is vital that the epidemic will not cause “lasting scars” of inequality.
The opening of the summit, He says“It is very important that we do not repeat the mistakes of the last great crisis and the last great recession in 2008, when the recovery in all aspects of society was not uniform.”
The Prime Minister of the British Conservative Party previously described the austerity policy adopted by his predecessor David Cameron’s government as “a mistake.”
Johnson also stated that the establishment of a recovery should take the environment into consideration and be in a “more gender-neutral and feminine way.”
Although the G7’s promises are not binding, Western interest in fiscal expansion laid the foundation for some embarrassing discussions between Johnson and his fiscal conservatism Chancellor of the Exchequer Rich Sunak this fall.
The G7 countries will use the summit’s pledge to increase spending to help developing countries and send a clear message that the West provides an alternative to the support provided by Beijing.
leader Agreed to provide 1 billion doses of vaccine to poorer countriesThis is a response to China’s “vaccine diplomacy”. The United States claims that Beijing provides medical assistance with “conditions.”
G7 will use the weekend meeting to discuss a plan to help poor countries cope with climate change, a capital investment plan called by some British officials to combat climate change. China’s “One Belt One Road” Global Infrastructure Plan.
At the same time, the summit will approve a plan New system for taxation of the largest multinational companies, Although there is still controversy as to which companies should fall within its scope.
Biden does not want American technology companies to be overburdened, while the UK is Efforts to exclude big banks“The United States has not seen the conceptual basis for exclusion of financial services,” said a U.S. Treasury Department official.
Four years after Donald Trump’s presidency, when the G7 became a bleak forum of division and hatred, the mood on the Cornish coast was clearly optimistic at the beginning of the three-day summit.
French President Emmanuel Macron hugged Biden on the beach of Cabis Bay-his first overseas visit as the President of the United States-and discussed democratic countries working for the “middle class” The necessity.
At the same time, Canada’s Justin Trudeau, who had earlier warned that the austerity plan had fueled the rise of populism, was among those who dived into the ocean.
On Friday night, the leaders and partners of the Group of Seven countries went to the Eden project of the futuristic environmental park to meet with Queen Elizabeth and other members of the royal family. A beach barbecue is planned on Saturday.
The summit on Saturday continues to further discuss the economy, foreign policy and health; after discussing climate change, it ends at lunchtime on Sunday.