Canada's Finance Minister Francois-Philippe Champagne, centre, speaks with colleagues at the G7 finance ministers meeting in Banff, Alta., Wednesday, May 21, 2025. THE CANADIAN PRESS/Jeff McIntosh

By Canadian Press

ECONOMY

G7 finance ministers show ‘proof of unity’ with joint statement at summit: Champagne

May 22, 2025 | 1:48 PM

Canada’s Finance Minister François-Philippe Champagne said Friday there’s a sense of unity after emerging from a summit with his counterparts across the G7.

The group of finance ministers and central bankers gathered this week in Banff, Alta., ahead of the G7 leaders’ summit set for next month in nearby Kananaskis.

The finance group came out with a joint communique emphasizing a commitment to strong economic relationships in a period of global trade uncertainty.

“The best proof of unity is that we have a joint communique,” Champagne said.

The summit was about going “back to basics,” Champagne added. He said the assembled ministers found “common ground” on issues such as combatting financial crime and support for Ukraine in its war against Russia.

WHAT'S ON

Here is what's on this weekend in Medicine Hat: Dec. 12-14

Dec 12, 2025

WHAT'S ON

Here is what's on this weekend in Medicine Hat: December 5-7

Dec 05, 2025

WHAT'S ON

Top five things to do at the Medicine Hat Public Library in December

Nov 30, 2025

The group also agreed on the need to monitor and assess risks that artificial intelligence development could pose to financial stability.

U.S. Treasury Secretary Scott Bessent was among those at the meeting.

The United States continues to wage a trade war sending shock waves across global markets, but tariffs are not mentioned in the communique.