G7 countries need structural reforms and less austerity, Japan says

The world's leading economies need to pursue structural reforms and expansionary budget policies to stimulate world growth, according to Japanese Prime Minister Shinzo Abe, whose country will host the next Group of Seven (G7) summit later this month.

Abe spoke Monday in Florence following talks with Italian Prime Minister Matteo Renzi.

Japan and Italy are part of the G7 nations, along with Britain, Canada, France, Germany and the United States.

"One expects from G7 countries an acceleration of structural reforms matched by flexible fiscal policies so that the current [economic] juncture can be overcome and we can avoid new crises and stimulate the global economic recovery," Abe said.

Renzi said he saw eye to eye with Abe on economic issues and added he was "counting a lot on Shinzo Abe's leadership for the success of the G7, particularly on issues related to economic growth."

Abe also mentioned terrorism and migration as topics for discussion at the summit, scheduled for May 26-27 in Ise-Shima.

In Florence, the Japanese delegation was chaperoned around the 13th century Palazzo Vecchio, the Uffizi Gallery and Palazzo Pitti museums by Renzi, who was the city's mayor before he took up national office in 2014.

Abe hailed his host's hometown as "the cradle of Renaissance civilization."

Following his visit to Italy, Abe was scheduled to travel to Paris to meet on Monday evening with French President Francois Hollande. The two leaders planned to hold a working dinner.

Last update: Mon, 02/05/2016 - 23:07

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