Jim O'Callaghan
Question:106. Deputy Jim O'Callaghan asked the Minister for Finance if he will report on his attendance at the recent G7 finance ministers meeting in London; and if he will make a statement on the matter. [31705/21]
View answerTuesday, 15 June 2021
Questions (106, 313)
Bernard Durkan
Question:313. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which deliberations and agreements at the G7 Summit are likely to impact on Ireland. [31786/21]
View answerWritten answers
I propose to take Questions Nos. 106 and 313 together.
The G7 meeting of Finance Ministers took place in London over two days, under strict Covid-19 guidelines, from Friday 4th to Saturday 5th June.
In my capacity as President of the Eurogroup, I was in attendance at the in-person meetings on both days where participants considered coordinated approaches to the key economic challenges facing economies emerging from the Covid crisis. The G7 is committed to working together to ensure a strong, sustainable, balanced and inclusive recovery. The meeting also discussed key global challenges, including climate and nature; health finance; and support for lower income countries. A communiqué outlining the outcomes of the G7 Finance Ministers’ deliberations over the previous few months was agreed at the meeting and published on 5th June.
I also took the opportunity to hold bilateral meetings with other participants including US Treasury Secretary Janet Yellen; Japanese Deputy Prime Minister and Finance Minister, Taro Aso; Canadian Finance Minister Chrystia Freeland; as well as the Chancellor of the Exchequer Rishi Sunak. I also met with the new Secretary General of the OECD, Mathias Cormann, who took up his new role on 1 June, and with the Managing Director of the IMF, Kristalina Georgieva.
In relation to deliberations and agreements arising from the G7 Summit which are likely to impact on Ireland, deputies will be aware that the ongoing discussions on international tax framework were discussed. I have noted the Communique from the G7 Finance Ministers includes a reference to a minimum effective tax rate of 15%.
The G7 communiqué is an important signpost towards an agreement but it is relevant also that there are 139 countries in the OECD's Inclusive Framework on BEPS, and any agreement needs to meet the needs of small and large countries, developed and developing.