“We cannot repeat the mistakes of the pandemic”

US President Joe Biden (i) and British Prime Minister Boris Johnson at the G7 summit in Cornwall (UK).  (EFE)

US President Joe Biden (i) and British Prime Minister Boris Johnson at the G7 summit in Cornwall (UK). (EFE)

The British Prime Minister, Boris Johnson, opened the G7 summit in Cornwall (United Kingdom) this Friday with a clear call to “do not repeat mistakes” committed during the covid-19 pandemic or in the way out of the 2008 financial crisis. “We need to learn from the pandemic, make sure we don’t repeat some of the mistakes that we have undoubtedly made in the last 18 months“Johnson has told the leaders of the world’s most developed democracies. And he added that countries cannot afford to make the same mistakes as in the Great Recession of 2008,” when the recovery was not uniform for all parts of society. “

g7 summit

Indeed, one of the main economic objectives set by the leaders of the G7 is to design a strategy that allows design a way out of the crisis that reaches all social groups. The heads of the most developed democracies on the planet They dedicated this Friday the first plenary session of the meeting to address plans to rebuild a “better” world once the pandemic that has put the planet in check for more than a year has been overcome.

© Provided by El Confidencial

Celia Maza. London

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Despite the confidence that the economy “will bounce with great force“Once restrictions have been lifted to minimize infections, there is fear that the financial turmoil suffered since the beginning of 2020 will leave” lasting scars, “said Johnson, the host of the event. In his inaugural speech at the summit, the first in person in two years, the head of Government of the United Kingdom has highlighted the need to take measures to prevent the inequalities that the pandemic has favored se cronifiquen in the next years. The president of the United States agrees with that vision, Joe Biden, whose government has expressed its support for those plans that favor economic recovery to benefit both the “middle class” and “working families” around the world.

A new green economy

The group of industrialized countries also views post-pandemic reconstruction as an opportunity to advance towards a more sustainable economy that facilitates the fulfillment of the climate objectives of the coming decades. A “cleaner and greener” system would not only be a “solution to the problems of climate change”, but also the way to create millions of jobs “highly skilled” and with high salaries. “I think the citizens of our countries want us to focus on that,” Johnson stressed.

The leaders agree on the need to maintain economic support policies for as long as necessary

A new transatlantic pact initialed by the United States and the United Kingdom this week underscores the commitment of both countries to move in that direction. “We are committed to continuing to build an inclusive, fair, climate-friendly and sustainable global economy,” says that text. The leaders meeting in Cornwall agree on the need to maintain the economic support policies start-up in the face of the pandemic for as long as necessary and these days are debating measures to increase the support to developing countriesAmong those plans, it is on the table to expand the scope of the so-called Special Drawing Rights (SDR), an instrument of the International Monetary Fund (IMF) designed to create liquidity and increase the resources available in States with financial needs. The United States has suggested that the additional package of resources channeled through that program can reach $ 100 billion (82,600 million euros).

© Provided by El Confidencial

Celia Maza. London

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These funds should be used to cover “health needs”, including vaccination programs, and to ensure a “greener”, “robust” and “inclusive” recovery, the US Administration described.

Reform of the tax system

The leaders of the G7 will support this weekend the agreement reached by their finance ministers to promote a reform of the global tax system to impose a minimum rate of 15% for companies.

The leaders of the G7 and other authorities, at the summit in Cornwall (UK).  (Reuters)

© Provided by El Confidencial
The leaders of the G7 and other authorities, at the summit in Cornwall (UK). (Reuters)

The leaders of the G7 and other authorities, at the summit in Cornwall (UK). (Reuters)

Biden, who attends his first international appointment since he acceded to the White House, has stressed that this is an essential step for avoid competition between countries for cutting taxes on large corporations that has damaged “worker protection, infrastructure investment and the growth of the middle classes” in the last decade. This measure goes hand in hand with the plan for companies to be obliged to pay their tax contribution in the countries where they generate profits. In this area, Biden has stressed the importance of applying the principle all the “big multinationals” and not only to the technology sector: “That is an important principle for the United States,” maintains the US president, who relies on “multilateralism” to improve conditions throughout the world.

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