BANFF — Top economic officials from the G7 were locked in a full day of closed-door discussions Wednesday to examine pressing topics, including the global economy and the war in Ukraine.
The meeting between the group's finance ministers and central bank governors in Banff, Alta., is a prelude to the G7 leaders summit in June in nearby Kananaskis.
It comes in the wake of the U.S. imposing global tariffs that have resulted in many countries reconsidering their trading relationships.
With the slopes of Mount Rundle as a backdrop, Finance Minister François-Philippe Champagne and Bank of Canada Governor Tiff Macklem shook hands and posed for a family photo with the group.
"We brought the sunshine for you, minister – Canadian sunshine," Champagne, flanked by two Mounties, told Japanese Finance Minister Katsunobu Kato in the courtyard of the Rimrock Resort Hotel.
Leaders of organizations, including the World Bank, the International Monetary Fund and the Financial Stability Board, are also at the meeting.
"We've got lots of financial reform on the agenda," Macklem said to Klaas Knot, chair of the Financial Stability Board.
"I love financial stability, today and tomorrow," Knot replied.
U.S. Treasury Secretary Scott Bessent, one of the key architects behind President Donald Trump's sweeping tariffs, is also in Banff, along with Jerome Powell, chair of the U.S. Federal Reserve, who Trump has threatened to fire on several occasions in recent months.
Bessent and Champagne exchanged a friendly handshake at the photo opportunity. "It's great to have you here," Champagne said.
In an earlier statement, Bessent's office said he planned to use the meeting to "focus on the need to address global economic imbalances and non-market practices."
Champagne has said the spirit around the table is constructive when it comes to its discussions with the United States.
Countries engaged Wednesday in numerous bilateral meetings. Champagne and Macklem met officials from France and Italy, and Bessent's U.S. team met with German and Japanese officials.
The finance minister's collaborative tone may run into roadblocks as the countries work toward the final joint statement that is traditionally produced at the end of summits, said John Kirton, director of the University of Toronto's G7 Research Group.
Whether the U.S. is willing to describe the war in Ukraine as an illegal attack by Russia is likely to be a point of contention due to Trump's friendlier approach to Russia, Kirton said. Champagne invited Ukraine's finance minister to this week's summit.
Kirton said there's a chance no written communique comes out of Thursday's meetings. He said that would be a "disappointment" because Champagne, as host, wanted to send a message of unity ahead of the meetings.
With the leaders' summit on the horizon, Kirton said failing to agree on a complete joint statement "will not augur well for Kananaskis."
He added that Bessent has gained a reputation as the adult in the room on economic policy and could sign off on a statement, believing he can persuade Trump it was the right decision.
"He's not a yes man," Kirton said. He added there are several issues on which the countries may be in unanimous agreement.
Ministers did not take questions from media and aren't expected to comment on the meeting until the summit wraps Thursday.
After photos were snapped, the officials marched toward the doors of the hotel in pairs.
"Let's get to work," Champagne said as he directed them inside.
The G7 comprises Canada, the United States, France, Germany, Italy, Japan, the United Kingdom and the European Union as a "non-enumerated member."
This report by The Canadian Press was first published May 21, 2025.
Matthew Scace, The Canadian Press
