Finance leaders from the world’s most advanced economies gathered in Banff, Alberta this week, where Canada’s Finance Minister François-Philippe Champagne described ongoing discussions as “very productive” despite a tense global backdrop shaped by trade disputes and economic uncertainty.
Speaking Wednesday evening after the first day of high-level talks, Champagne expressed satisfaction with the collaborative spirit among the G7 nations. He and U.S. Treasury Secretary Scott Bessent agreed the discussions have been constructive, reflecting a strong sense of unity within the group.
The two-day summit, co-led by Champagne and Bank of Canada Governor Tiff Macklem, serves as a prelude to next month’s G7 Leaders’ Summit in nearby Kananaskis. The outcomes of these finance talks are expected to shape the agenda for the June meetings, with a focus on long-term economic growth, AI cooperation, and global financial resilience.
Framed as a return to foundational priorities, the Banff meetings aim to set a global agenda amid growing concerns over economic stability. Key priorities under Canada’s G7 presidency include strengthening economic security, exploring artificial intelligence policy, and addressing development and financial crime challenges.
The sessions began with a symbolic “family photo” outside the scenic Rimrock Resort, where ministers were welcomed against the stunning Rocky Mountain landscape. Delegates from Canada, the U.S., Japan, France, Germany, Italy, the U.K., the EU, and the World Bank then delved into working discussions covering a wide range of pressing topics—from global growth strategies and AI risks to development finance and crime prevention.
Though the issue of U.S. trade actions—especially new tariffs—was not officially on the agenda, it dominated informal conversations. The finance minister held bilateral meetings throughout the day, including a private sit-down with Bessent. While Champagne declined to share specific details about their tariff discussions, he affirmed their dialogue was open and constructive.
Another key focus was continued support for Ukraine in the face of Russia’s invasion. Ukrainian Finance Minister Sergii Marchenko was invited to the summit and met with Champagne and investors to explore pathways for rebuilding the war-torn country—an effort the IMF has estimated could cost over US$500 billion.
“This meeting sends a powerful message,” said Champagne. “Having Ukraine at the table demonstrates our shared commitment to helping the country rebuild and to holding Russia accountable.”
Marchenko emphasized the importance of engaging directly with G7 leaders, noting that such discussions help coordinate effective action and increase global understanding of Ukraine’s current challenges.
Meanwhile, the summit took place amid mounting domestic questions about the federal budget. Initially described by Champagne as being delayed until the fall, Prime Minister Mark Carney later clarified that a comprehensive budget will be released later this year. The government argues that these international meetings will help shape its forthcoming “ambitious and responsible” fiscal framework.
Champagne reiterated this sentiment, noting upcoming events like the NATO Summit and a thorough review of government spending would also guide financial planning. “This approach gives us the opportunity to build a budget that reflects both global realities and domestic needs,” he said.
With crucial global dynamics in flux, Champagne suggested Canada has a unique opportunity to lead in shaping economic transformation and fostering long-term stability.
