G-7 leaders to hold videoconference Monday on coronavirus: Macron

PARIS, Mar 14, 2020, Kyodo. Leaders of the Group of Seven industrialized countries agreed to hold a videoconference on Monday to discuss their response to the global spread of the new coronavirus, French President Emmanuel Macron said Friday, Kyodo News reported.

Following a call with U.S. President Donald Trump and other G-7 leaders, the members agreed to hold a summit to “coordinate research efforts on a vaccine and treatments, and work on an economic and financial response,” the president said on Twitter.

The move comes as the pandemic continues to roil financial markets amid fears of a global recession, with countries moving to impose travel restrictions against harder-hit nations, cancel large events and shut down schools, museums and entertainment facilities.

Earlier in the month, G-7 finance chiefs issued a statement vowing to make a concerted response in addressing negative impacts on the global economy from the virus outbreak, which originated from China but has now spread to more than 100 countries, claiming over 5,000 lives.

Global markets have remained jittery. The Dow Jones Industrial Average in New York dropped by 9.99 percent in Thursday’s trading, suffering its biggest percent loss since the Black Monday stock market crash in 1987, but rebounded by 9.36 percent on Friday with a late-day rally. Meanwhile, the Nikkei Stock Average in Tokyo closed out the week at its lowest level in over three years.

The G-7 groups Britain, Canada, France, Germany, Italy, Japan and the United States plus the European Union.