G7 foreign ministers pose for a family photo during a meeting at the Vaux-de-Serne Abbey in Serne-la-Ville, outside Paris on March 27, 2026. (Photo by Alain Jocard/AFP via Getty Images)
Alain Jocard | AFP | getty images
Another Monday, another emergency meeting.
This time it is between finance ministers, energy ministers and central bank governors of the G7, hosted once again by France, but in the form of a virtual session. This is the fourth time the G7 has convened a ministerial level meeting since the start of the war in Iran.
The fatigue of the meeting is obvious.
The first virtual session of finance ministers and central bank governors on 9 March resulted in a communique that promised to “closely monitor the situation and developments in energy markets and… exchange information and coordinate”. Criticism over inaction was swift.
The next day, energy ministers also met virtually to take joint action on energy reserves with the IEA to try to ease the crisis. It was effective in the short term, but it also faced doubts about its long-term impact.
Since that date, energy markets have swung wildly, including the biggest one-day move for oil since the war in Ukraine broke out in 2022, and volatility has increased.
CBOE Volatility Index Year-to-Date
Last week, foreign ministers met in the beautiful setting of Vaux de Sarney Abbey, where they expressed their concern over the prolongation of the war in Iran, but took little direct action.
EU foreign policy chief Kaja Kallas said, “We need to get out of this war, not escalate it. And that means there has to be a diplomatic solution so that the region comes out of it stronger and actually more peaceful. So it can only be a diplomatic solution, sit down and talk and find a way.”
Germany’s Foreign Minister Johann Waddepool complained, “It is not a lack of weapons, but a lack of communications” that is complicating coordinated efforts on Iran. he told Deutschlandfunk That the US and Iran are preparing for a direct meeting in Pakistan “very soon”.
G7 ministers warn Iran war is a ‘catastrophe’ – but there is little they can do to stop it
The upcoming G7 leaders’ summit in June is also not without controversy. The French government has invited the leaders of India, South Korea, Brazil and Kenya to attend the summit in Evian on June 15-17. This has angered South Africa, which has been a regular guest representing the African continent at the G7 level.
French officials have explained the lack of invitation not due to pressure from the US, but South Africa believes the Trump administration did threatened to boycott If Cyril Ramaphosa attended the meeting. China is also not expected to attend the summit.
So why are these G7 meetings producing so few actionable outcomes?
The easy answer is to blame President Donald Trump’s ‘America First’ approach for damaging multilateral relations between the US and its allies. This policy has allowed protectionism to raise its angry head, while his direct criticisms of other countries and their leaders have put many heads of state on the defensive.
But this doesn’t tell the whole picture. Following the invasion of Ukraine by Russian forces, questions about the G7’s influence in 2022 intensified. Moscow was expelled from the group and the G8 became the G7. And the war continues in Ukraine. Disputes within NATO and pressure from the Trump administration over funding have further escalated already rising tensions.
There is growing political and economic pressure to take more meaningful steps to de-escalate and end both the wars in Iran and Ukraine – but it seems unlikely that the G7 can be the diplomatic vehicle to accomplish this.
Economic data this week:
Monday: German inflation data
Tuesday: EU inflation data, UK GDP data
Wednesday: EU unemployment data
Thursday: N/A
Friday: US non-farm payrolls data
