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Title	Remarks by Secretary of the Treasury Janet L. Yellen at Press Conference Ahead of the G7 Finance Ministers and Central Bank Governors Meetings
Speaker	Janet Yellen
Date	May 23, 2024
Link	https://home.treasury.gov/news/press-releases/jy2363

*글로서리 없음

현재 미국의 경제 상황과 거시적인 문제인 지속가능한 발전, 우크라이나 전쟁에 대해 어떤 조치를 취하고 있는지에 대한 연설.

557 words; 5분 41초

Thank you to Italy for its leadership throughout this year and for hosting us this week. And thank you to all of you for being here.

As we gather, America’s strong economic performance continues to serve as a key engine for resilient global economic performance. The Biden Administration has driven a historically fast and inclusive economic recovery and is now focused on driving progress on our medium- and long-term economic agenda. U.S. GDP growth over the past year has been strong.

Our labor market is healthy. And inflation has come down significantly from its peak, though we continue to take action to address the high costs of key household expenses. In brief, the U.S. economy is in far better shape than many predicted this time last year, and I believe continued progress on inflation will benefit both the American people and the global economy. 

That said, we know that the recovery has been uneven across our countries and that there are risks to the global outlook. This week, the G7 will discuss financial stability, macroeconomic policies, and how to prevent geopolitical issues from derailing economic growth. The United States will seek to drive progress on two priority areas: sustainable development and ongoing conflicts.

Let me first address sustainable development. As we look at a world with geopolitical uncertainty, it is essential that G7 countries work constructively with low- and middle-income countries and focus on how best to support them. The United States continued advancing the multilateral development bank evolution agenda and joined ten other countries to announce new resources that could enable up to $70 billion in additional lending over 10 years to support projects addressing global challenges.

Debt is also top of mind. For low-income countries, external debt service has risen to a level not seen in nearly two decades. We must continue to make progress in debt restructuring cases and we must more intensively use all the tools we have to make sure countries that are making the right policy reforms have access to the support they need. These are critical to enabling the investments needed to achieve development and climate goals and to build a stronger global economy.

I look forward to maintaining momentum this week, and I’m glad Italy invited several emerging market countries to these meetings.

Turning to ongoing conflicts, as we meet this week, our price cap policy continues to restrict Russian revenues while helping keep global energy markets stable. We’ve imposed coordinated sanctions to further diminish Russia’s revenues and restrict its access to technology and material, with the United States sanctioning nearly 300 individuals and entities just this month. As Putin spends more on his senseless war and draws resources away from other productive sectors, structural weaknesses are building up in the Russian economy. 

But so long as Putin continues to wage war, more action is needed. The U.S. will continue to press firms and financial institutions in China and other countries to cease their support for Russia’s military-industrial base.  

We will continue our efforts to make sure financial institutions are aware of the increased risks of sanctions since President Biden’s December Executive Order, which I believe has had a meaningful impact in disrupting Russian military-industrial supply chains.

This week, we’ll continue our close coordination with our partners in the G7 and across the European Union and discuss additional action.