G7

The G7, or G-7, is a group consisting of the finance ministers of seven developed nations: the U.S.,Japan, France, Germany, Italy,U.K. and Canada.They have been listed by the size of their national net wealth. They are the seven wealthiest developed nations on Earth by national net wealth as described in the Credit Suisse Global Wealth Report October 2013 below cited . The G7 represents more than the 63% of the net global wealth ($241 trillions), according to Credit Suisse Global Wealth Report October 2013.^[1] The last meeting of the G7 took place in May 2013 in Aylesbury in the United Kingdom. Other meetings of the G7 are already planned.

History

The G7 began in 1975 as the Group of Six, consisting of the countries France, West Germany, Italy, Japan, the United Kingdom and the United States, before Canada became the seventh member the following year.^[2] The organisation was founded to facilitate shared initiatives by the members in response to the collapse of the exchange rate, the First Oil Crisis and the rcession which followed from these events.^[3] Collectively, the G7 nations comprised 50.4% of global nominal GDP and 39.3% of global GDP (PPP). This group meets several times a year to discuss economic policies. Their work is supported by regular, functional meetings of officials, including the G7 finance disputes.^[4]

The G7 met in Washington, D.C., twice in 2008^[5] and in February 2009, in Rome, to discuss the global financial crisis of 2007-2010.^[6]^[7] The group of finance ministers has pledged to take "all necessary steps" to stem the crisis.^[8]

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	Toronto, Ontario
10-11 May, 2013	United Kingdom	George Osborne	Hartwell House Hotel and Spa, Aylesbury