Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti today in Rio de Janeiro on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting. The discussion highlighted several key global economic issues, including support for Ukraine amid ongoing conflict, and concerns over Chinese industrial capacity.
Secretary Yellen praised Italy's leadership within the G7, particularly referencing the recent G7 Leaders’ Apulia Summit. At this summit, leaders committed to launching "Extraordinary Revenue Acceleration" loans aimed at unlocking immobilized Russian sovereign assets to aid Ukraine's resistance and long-term reconstruction efforts.
Yellen emphasized the importance of continued collaboration with the European Union and other G7 members to strengthen sanctions against Russia. These measures are seen as crucial in limiting Russia's capacity to continue its war in Ukraine.
The conversation also touched upon Chinese excess industrial capacity, which both parties agreed could have significant global repercussions by distorting prices and affecting market stability. Secretary Yellen detailed steps taken by the Biden Administration designed to shield American businesses and workers from these adverse effects.
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