The Economy Minister Roland Lescure takes a selfie during the traditional group photo of G7 finance ministers and central bank governors on May 18, 2026 in Paris.
Finance ministers from the G7 are gathered in Paris for two days to try to reconcile their positions regarding the economic repercussions of the conflict in the Middle East and to reduce dependence on critical Chinese minerals.
“We will show that multilateralism is useful and that it works,” said French Economy and Finance Minister Roland Lescure to journalists on Monday morning.
One month before the G7 summit in Evian (June 15-17), France aims to maintain dialogue amidst intensifying geopolitical and trade tensions that are undermining international relations.
“We are facing major challenges, the war in the Middle East, obviously, the unsustainable multilateral balances, the issues of rare earths, critical materials, and development aid,” detailed Roland Lescure.
The President of the European Central Bank (ECB), Christine Lagarde, and the French Economy Minister, Roland Lescure, were seen before the G7 meeting in Paris on May 18, 2026.
“The way global growth is unfolding today is clearly unsustainable,” he estimated.
In a statement, the German Finance Minister Lars Klingbeil stated that “the G7 is the appropriate framework to discuss these urgent issues with the United States and the other G7 countries.”
The top priorities for the G7 finance ministers include the economic consequences of war and the blockage by Iran of the Strait of Hormuz, vital for the transport of hydrocarbons and fertilizers.
The head of the International Energy Agency (IEA), Fatih Birol, warned that there are still “several weeks” of commercial oil stocks but they are declining rapidly.
To mitigate the rise in oil prices, Washington had temporarily suspended sanctions on Russian oil until May 16th.
“It’s not the time to relax sanctions pressure against Russia. On the contrary, we must enforce and apply this pressure,” said the European Commissioner for Economy, Valdis Dombrovskis.
The ministers will also try to resolve disagreements on international trade marked by US tariffs and Chinese industrial overcapacity, and secure their critical mineral supplies.
In a context of trade, geopolitical, and financial tensions, a common recognition of the situation would be considered a major achievement by the French presidency.
The G7 meeting, which also includes central bank governors from member countries, comes days after Donald Trump’s visit to Beijing, without any major announcements.
