As part of the UK’s G7 2021 presidency, the Prime Minister nominated Lord Sedwill, former UK Cabinet Secretary and National Security Advisor, as G7 Envoy on Economic Resilience, and Chair of an independent G7 Panel on Economic Resilience. The Panel is composed of representatives appointed by G7 Leaders, and from Guest Nations in an observer capacity, supported by a working-level group of expert officials.
The Panel published its final report titled 'Global Economic Resilience: Building Forward Better’. Read the report here.
The Panel has been advising G7 Leaders on how to:
- improve the resilience of global supply chains in critical sectors
- promote high standards, good governance and competitive global markets
- support open economies and societies in harnessing and retaining the benefits of new technology and innovation
The Panel developed proposals for the G7 Summit in June 2021 in line with the UK G7 Presidency’s wider agenda - including to build back better from the Covid-19 crisis, promote inclusive growth, and meet the UN Sustainable Development Goals. Other areas of focus for the Panel included supporting the transition to net zero carbon and improving resilience to climate change and other environmental challenges.
The Panel consulted widely across the G7 and beyond, including with industry, academia, civil society and international organisations.
The Panel members have been nominated by G7 Heads of State and Government:
- UK: Mark Sedwill, former Cabinet Secretary and National Security Adviser. Chair of the Atlantic Future Forum.
- Canada: Carolyn Wilkins, former Senior Deputy Governor of the Bank of Canada.
- France: Professor Thomas Philippon, Economist and Professor of Finance at New York University's Stern School of Business; Economic Adviser to Emmanuel Macron.
- Germany: Dr Stormy-Annika Mildner, Executive Director of the Aspen Institute in Berlin, Adjunct Lecturer Hertie School, and former Head of Department for External Economic Policy at the Federation of German Industries.
- Italy: Professor Mariana Mazzucato, Special Economic Adviser to the Italian Prime Minister (2020), and founding director of the UCL Institute for Innovation and Public Purpose at University College London.
- Japan: Professor Nobukatsu Kanehara of Doshisha University, Tokyo; former Assistant Chief Cabinet Secretary to Prime Minister Shinzo Abe.
- USA: Dr Felicia Wong, President and CEO of the Roosevelt Institute.
- EU: Thomas Wieser, the former President of the Euro Working Group and the European Financial Committee.
The following Panel Observers have been nominated by the UK Presidency Guest Nation Heads of State and Government:
- Republic of Korea: Professor Keun Lee Vice-Chairman of the National Economic Advisory Council, and Professor of Economics at Seoul National University.
- Australia: John A Fraser, Businessman and former Secretary to the Australian Treasury ( 2015 to 2018).
- India: Sanjeev Sanyal, Principal Economic Adviser, Ministry of Finance, Government of India.
The G7 Panel has concluded its summary recommendations, which Lord Sedwill discussed with G7 Leaders in Carbis Bay, on the basis of which a full report will be published on 13 October 2021. The summary recommendations included a 'Cornwall Consensus' - a new long-term approach to global economic resilience - which Leaders are encouraged to adopt, supported by a set of initial actions that could be taken to begin meeting that approach.