Here's what on the agenda at the upcoming G7 meetings
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Canadian official says G7 meeting to focus on world economic risks
What are those risks? If I had to guess, I'd say deflation, low commodity prices and the lack of government spending.
The problem is that every government thinks the other guy should be spending and that he shouldn't. The Eurozone is crippled by German-led austerity. In the US, Congress is hopelessly deadlocked.
US Treasury Secretary addressed the G7 earlier today and said it was important for countries to reinforce pledges to avoid competitive devaluations.
"We have exhorted countries to adhere to the commitments that we've made for the G7 and G20, because if other countries start moving toward competitive devaluation, it will start a chain reaction," Lew said at a Christian Science Monitor media breakfast. "If country A does it, country B will do it and country C will do it, and pretty soon you're battling over shares of a shrinking global pie."
The Canadian official, meanwhile, said currencies won't dominate the discussion at the G7.
The G7 meeting is May 26-27 in Japan.