The G7 countries will develop a joint plan to help deal effectively with banking crises. In this respect writer Japanese newspaper Nikkei Asia.
“A group of seven leading industrialized countries intends to develop plans to deal with a banking crisis similar to the one that led to the collapse of Silicon Valley Bank (SVB),” the publication said.
According to the newspaper, finance ministers and heads of central banks of the G7 countries will outline these plans in the near future. At the same time, in their joint statements, they will declare the importance of analyzing the reasons for the bankruptcy of SVB and First Republic Bank.
The authors of the article added that the main task of the G7 countries is to contain financial instability in the world and ensure that it does not spread to other financial institutions. The G7, in particular, understands the need to take drastic measures for an effective banking policy.
In mid-April, the US Federal Reserve System (FRS), acting as the country’s central bank, statedThe effects of the banking crisis are likely to lead to a recession in 2023.