BUSINESS

Banking crisis concerns loom over G7 finance ministers meeting

People pause to read and photograph a press release from the Federal Deposit Insurance Corporation taped to the window at the headquarters of First Republic Bank in San Francisco on May 1. Due to the collapse of the bank earlier this month, Group of Seven finance ministers and central bank governors are likely to try and build consensus around key issues relating to the global financial system. | JIM WILSON / THE NEW YORK TIMES)

By Kazuaki Nagata and Elizabeth Beattie
Staff writers

May 10, 2023

Against a backdrop of fears of a bank-led global financial crisis, the Group of Seven finance ministers and central bank governors meeting, which starts Thursday, is expected to focus on strengthening the financial system.

Ahead of the G7 leaders summit in Hiroshima next week, the gathering in the city of Niigata will also deal with a number of issues such as regulation of crypto currencies and supply chain resilience.

The ministers and central bank chiefs in attendance will discuss plans to combat bank runs, according to the Finance Ministry, with participants likely looking to project a sense of calm and preparedness.

Banking crisis concerns loom over G7 finance ministers meeting

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