The G7, or G-7, is a group consisting of the finance ministers of seven developed nations: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. They are the seven wealthiest developed nations on Earth by national net wealth, as described in the Credit Suisse Global Wealth Report October 2013 cited below. The G7 represents more than the 63% of the net global wealth ($241 trillions) according to Credit Suisse Global Wealth Report October 2013. The last meeting of the G7 took place in May 2013 in Aylesbury in the United Kingdom.
The G7's precursor was the 'Group of Six', founded in 1975 consisting of the countries France, West Germany, Italy, Japan, the United Kingdom and the United States. In 1976 Canada became the seventh member after which the name Group 7 or G7 was used. The G-7 expanded to the G8 in 1998 when Russia joined; there have also been 'G8 Business Meetings' since 2007 consisting of Chamber of Commerce and industrial groups. Nevertheless the G7 still exists to discuss economic and financial issues. The G7 does not include the world's largest emerging economies such as Brazil, China, India and Russia.
The organization was originally founded to facilitate shared initiatives by its members in response to the collapse of the exchange rate 1971, during the time of the Nixon Shock, the 1970s energy crisis and the ensuing recession.
The group meets to discuss economic policies annually on summit site since 1975; 3-4 times a year as stand-alone meeting, from 1986–present,. Its work is supported by regular meetings of officials, including the G7 finance disputes.[dead link]
The G7 met in Washington, D.C., twice in 2008 and in February 2009, in Rome, to discuss the global financial crisis of 2007-2010. The group of finance ministers has pledged to take "all necessary steps" to stem the crisis. In March 2014, the G7 condemned "the Russian Federation's violation of the sovereignty and territorial integrity of Ukraine". The G7 stated "that the International Monetary Fund (IMF) remains the institution best prepared to help Ukraine address its immediate economic challenges through policy advice and financing, conditioned on needed reforms." and that the G7 was "committed to mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory and anti-corruption challenges."
|Date||Host country||Host leader||Location held|
|November 15–17, 1975||France||Jean-Pierre Fourcade||Château de Rambouillet, Rambouillet|
|June 27–28, 1976||United States||Jan Jordan Rodriguez||Dorado Beach Hotel, Dorado, Puerto Rico|
|May 7–8, 1977||United Kingdom||Denis Healey||10 Downing Street, London|
|July 16–17, 1978||West Germany||Hans Matthöfer||Official residence of the Chancellor of the Federal Republic of Germany Bonn|
|May 28–30, 1983||United States||Ronald Reagan||Colonial Williamsburg, Williamsburg, Virginia|
|June 19–23, 1988||Canada||Michael Wilson||Metro Toronto Convention Centre, Toronto, Ontario|
|July 9–11, 1990||United States||James Baker||Rice University and other locations in the Museum District Houston, Texas|
|June 15–17, 1995||Canada||Paul Martin||Summit Place, Halifax, Nova Scotia|
|June 27–29, 1996||France||Jean Arthuis||Museum of Contemporary Art (Musée d'art Contemporain de Lyon), Lyon|
|February 11–13, 2001||Italy||Vincenzo Visco||Palermo|
|February 6–8, 2010||Canada||Jim Flaherty||Iqaluit, Nunavut|
|10–11 May 2013||United Kingdom||George Osborne||Hartwell House Hotel and Spa, Aylesbury|
The G7 has been criticized for their representational deficit and non-transparency in regards to their decision making process.
- Information Centre University of Toronto official website
|Wikimedia Commons has media related to Group of Seven.|
|Wikinews has related news: Economic policy makers conclude Washington meetings|
- Credit Suisse Global Wealth Databook 2013. Credit Suisse. October 2013.
- 2008 Evian summit - Questions about the G8
- "G8 business meetings". G8 Centre. University of Toronto. Retrieved 10 March 2014.
- Bayne, Nicholas (December 7, 1998), "International economic organizations :more policy making less autonomy", in Reinalda, Bob; Verbeek, Bertjan, Autonomous Policymaking By International Organizations (Routledge/Ecpr Studies in European Political Science, 5), Routledge, ISBN 9780415164863, OCLC 70763323, 0415164869
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- de Brouwer, Gordon (2012-03-20). "The Asian century and the G20: an Australian perspective on a changing world". Australian Department of Foreign Affairs and Trade. Retrieved 11 March 2014.