Significant imbalances are threatening the global economy, ranging from predatory competition, industrial overcapacities, underinvestment, excessive debt and deregulation to a drop in international solidarity and low private investment in developing countries, among other issues. As a result, trade tensions and geopolitical tensions are running high. The international economy is no longer a terrain of cooperation or even one of fierce competition: it has become a space for confrontation, where strength and domination are sought through power struggles and constraint. These imbalances have a direct impact on the ability of all countries to grow and develop.
Confronted with imbalances and rivalries, France will not settle for either a “might is right” approach, which would lead to subservience and a bloc mentality, or a moral posture limited to simple commentary which would condemn us to marginalization and powerlessness.
That is why President Macron, for this G7 Presidency, wanted to come back to the original spirit that led to the formation of this group in 1975 in Rambouillet, making the reduction in global inequalities a priority. The aim is to succeed in identifying these imbalances and commit to correcting them together through coordinated domestic and international policies. International institutions will support this work.
These imbalances have a direct impact on the ability of all countries to grow and develop. Whereas our development and solidarity policies are undermined by the fact that they are still too inefficient and by the limits to traditional official development assistance instruments, we must continue to reflect on development finance reform in order to break away from the assistance mindset and create mutually beneficial partnerships.
Multilateralism will be effective if it prevents vulnerabilities and reduces coercion potential. Strengthening the resilience of critical minerals value chains will therefore also be a cross-cutting priority of the French Presidency.
The aim will also be to work on:
- settling major geopolitical crises, including through G7 support to Ukraine and Ukrainians;
- childhood matters, from supporting development to online protection;
- the fight against organized crime and illegal flows;
- the new rules of play of global governance.
With its G7 Presidency, France intends to return to the original purpose of the group and make this forum a space for dialogue between major powers to respond to the economic challenges of our times. To work effectively on reducing global imbalances, this G7 will create dialogue between major emerging or committed countries and willing stakeholders. It is our shared responsibility to be ambitious and act together to address these challenges that affect us all.