March 3, 2020 / 1:29 PM / a month ago

Germany's Scholz: G7 have all means to counter downturn in the wake of coronavirus

FILE PHOTO: German Finance Minister Olaf Scholz of the Social Democratic Party (SPD) speaks during an interview with Reuters in Berlin, Germany, February 19, 2020. REUTERS/Annegret Hilse/File Photo

BERLIN (Reuters) - The finance ministers of the Group of Seven (G7) nations will monitor the coronavirus outbreak closely and they have all options on the table, if needed, to counter a global economic downturn, German Finance Minister Olaf Scholz said on Tuesday.

“As G7 finance ministers, we have just discussed to monitor the situation regarding the coronavirus very closely. Should the need arise, we have all the means to counter a global downturn,” Scholz said in a statement posted on Twitter.

In a joint statement, G7 finance ministers and central bank governors earlier on Tuesday said they would use all appropriate policy tools to achieve strong, sustainable growth and safeguard against downside risks from the coronavirus.

Reporting by Michael Nienaber; editing by Thomas Seythal

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