“The global economic recovery has progressed since we last met,” read the Declaration delivered by the Group of the 7 (G7) leading industrial nations – including the US, Germany, Japan, the UK, France, Canada and Italy – which gathered for a 2-day summit held in Bavaria’s Schloss Elmau hotel, outside Munich, Germany. Climate change has been a major topic since the countries’ leaders have “committed themselves to the need to decarbonize the global economy in the course of this century,” according to German Chancellor Angela Merkel. On trade policy, the participants said “they want to have achieved important milestones by the end of 2015,” especially about the controversial transatlantic free trade agreements TTIP and CETA.
“When it comes to creating more jobs, Europe should not be last in line, but should do everything it can to move things forward,” said Merkel. Hosted by German Finance Minister Wolfgang Schauble and Bundesbank President Jens Weidmann in Dresden, their G7’s counterparts had previously met on May 27-29, 2015 and focused on how to achieve sustainable growth in the face of record debt levels. “The positive news from Athens does not entirely reflect the actual status of talks with the country’s creditors,” had warned Schauble, and an agreement with Greece has yet to be reached. On the eastern front, tensions will likely rise again as the G7 “reiterated its condemnation of the (Russian Federation’s) illegal annexation of Crimea” which has come against the G7’s “common values.” That is “a barrier at the moment, and I do not see it being overcome so very quickly,” Merkel underlined.