Ministero dell'Economia e delle Finanze

Rio de Janeiro, 25 July 2024 – The meeting of the G7 Finance Ministers and Central Bank Governors held in Rio de Janeiro and chaired by Italy focused on several key issues including support for Ukraine, advancements in artificial intelligence, the impact of geo-economic fragmentation and international taxation. Headed by Giancarlo Giorgetti, the Italian Minister of the Economy, and Fabio Panetta, the Governor of the Bank of Italy, who were joined by Sergii Marchenko, the Ukrainian Minister of Finance, the meeting reaffirmed substantial and unwavering support for Ukraine for as long as required in response to the ongoing Russian aggression. It is also important, emphasised Giorgetti, who invited Marchenko to the next meeting of the IMF in Washington, for Ukraine to focus on the implementation of reforms.

The discussion on AI, which was already the focus of the G7 Finance meeting in Stresa, was explored in depth regarding the implications and possibilities in several sectors, including macroeconomics and as a useful tool for financial sustainability and stability. The G7 agreed to set up a group of specialists tasked with examining the impact of AI and the potential hazards it poses across a variety of fields of application.

On the issue of the international trade fragmentation , the G7 emphasised the need to avoid unilateral actions to protect international trade, particularly in the face of China’s enormous industrial capacity, even in strategically important sectors.

On international taxation, Giorgetti stressed that without a multilateral agreement it would create a difficult environment to manage, in agreement with the United Nations as well, these challenges could be addressed successfully. Finally, with respect to the Brazilian proposal for taxation of the so-called super rich, Giorgetti pointed out that this is closely linked to the Two Pillar solution for international taxation on the G20 agenda.

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