European Union financial leaders are gathering this weekend for a high-stakes, informal meeting in Nicosia, Cyprus, to reshape the bloc's economic strategy.

Finance ministers from the G7 group of advanced economies agreed on the need to address global trade imbalances during talks in Paris, warning that the current situation was unsustainable amid rising economic uncertainty and ongoing geopolitical tensions.

Azerbaijan’s Ministry of Finance has been accepted as a full member of the Coalition of Finance Ministers for Climate Action.

The Group of Seven (G7) finance meeting kicked off in Italy late on Thursday, with talks among G7 finance ministers and central bank governors expected to focus on global economic trends, financial support for Ukraine and multilateral development banking.