G7 finance ministers agreed on Tuesday on the ​need for action to tackle trade imbalances in a fragmented global economy, saying the current situation was unsustainable, but were light on plans for concrete measures. Finance ministers and central bank governors from the G7 group of advanced economies met in Paris for a second day of talks to discuss the economic fallout from the US-Israeli war on Iran and volatility on global bond markets. Watch moreG7 finance ministers meet in Paris as headwinds mount for global economy The group vowed multilateral cooperation to address mounting challenges to economic stability due to the Middle East war. The meeting also comes as European nations fret over the tariff blitz from the US administration under President Donald Trump and fears of a softening line on Russia. "We have had frank, sometimes difficult, direct discussions to find long-term and short-term solutions to major global economic challenges in order to guarantee economic stability," French Finance Minister Roland Lescure said after the meeting attended by US Treasury Secretary Scott Bessent. But the final communiqué of the G7 ministers and central bank governors reaffirmed "our commitment to multilateral cooperation in addressing risks to the global economy". The statement highlighted "multiple and complex global challenges requiring coordinated responses". "Economic uncertainty has heightened risks to growth and to inflation, amid the ongoing conflict," it said. 'Considerable progress'