G7 gears up for growing role in Iran crisis

US PRESIDENT Donald Trump has regularly criticised Asian and European allies for not playing a more active role in the ongoing Iran war.

However, the Group of Seven (G7) is increasingly stepping up to the plate, evidenced by Monday’s (Mar 30) unprecedented joint meeting of finance and energy ministers, aimed at managing the shocks from the crisis.

This coordination is fitting as the club of industrialised democracies was founded more than half a century ago to facilitate shared macroeconomic initiatives in response to 1970s challenges – including the aftermath of the Middle East energy shock then, and the ensuing international recession.