G7 finance ministers to discuss global economy, Ukraine at Banff summit

Top economic officials from the G7 have locked in for a full day of closed-door discussions in Banff, Alta., to examine pressing topics including the global economy and the war in Ukraine.

The meeting between the group's finance ministers and central bank governors in the Rocky Mountains is a prelude to the G7 leaders summit in June in nearby Kananaskis, Alta.

It comes in the wake of global tariffs initiated in early April by the United States, which have caused many countries to reconsider their trading relationships.

With the slopes of Mount Rundle as a backdrop, Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem shook hands and stood for a photo with the group Wednesday morning.

"We brought the sunshine for you, minister -- Canadian sunshine," Champagne, flanked by two Mounties, told Japanese Finance Minister Katsunobu Kato in the courtyard of the Rimrock Resort Hotel.

Leaders of organizations, including the World Bank, the International Monetary Fund and the Financial Stability Board, are also at the meeting.

"We've got lots of financial reform on the agenda," Macklem said to Klaas Knot, chair of the Financial Stability Board.

"I love financial stability, today and tomorrow," Knot replied.

U.S. Treasury Secretary Scott Bessent, one of the key architects behind President Donald Trump's sweeping tariffs, is also in Banff, along with Jerome Powell, chair of the U.S. Federal Reserve, who Trump has threatened to fire on several occasions in recent months.

Bessent and Champagne exchanged a friendly handshake at the photo opportunity. "It's great to have you here," Champagne said.

In an earlier statement, Bessent's office said he plans to use the meeting to "focus on the need to address global economic imbalances and non-market practices."

Champagne said Tuesday the "spirit around the table is constructive," when it comes to its discussions with the United States.

Ministers did not take questions from media and aren't expected to comment on the meeting until it wraps Thursday.

After photos were snapped, the officials marched toward the doors of the hotel in pairs.

"Let's get to work," Champagne said as he directed them inside.

The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union as a "non-enumerated member."

Picture Courtesy: THE CANADIAN PRESS/Jeff McIntosh