G7

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For other uses, see G7 (disambiguation).
"Group of Six" redirects here. For other uses, see G6 (disambiguation).
G7 finance ministers at the 2008 meeting (front row, L-R):
Canadian Finance Minister Jim Flaherty,
French Finance Minister Christine Lagarde,
German Finance Minister Peer Steinbrueck,
U.S. Treasury Secretary Henry Paulson,
Italy's Finance Minister Tommaso Padoa-Schioppa,
Japan's Finance Minister Fukushiro Nukaga,
UK Chancellor of the Exchequer Alistair Darling and
Chairman of the Eurogroup, Jean-Claude Juncker.

The G7, or G-7, is a group consisting of the finance ministers of seven industrialized nations: the U.S., U.K., France, Germany, Italy, Canada and Japan. They are seven of the eight (China excluded) wealthiest nations on Earth, not by GDP but by global net wealth. The G7 represents more than the 66% of net global wealth ($223 trillion), according to Credit Suisse Global Wealth Report September 2012. 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 and included the countries of France, West Germany, Italy, Japan, United Kingdom, and United States and was joined by Canada the following year.[1] 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.[2]

The G7 met in Washington, D.C., twice in 2008[3] and in February 2009, in Rome, to discuss the global financial crisis of 2007-2010.[4][5] The group of finance ministers has pledged to take "all necessary steps" to stem the crisis.[6]

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 Osbourne Hartwell House Hotel and Spa, Aylesbury

Gallery

See also

References

Wikimedia Commons has media related to Group of Seven.
Wikinews has related news:
  1. ^ 2008 Evian summit - Questions about the G8
  2. ^ "Who Are the group of Seven?". Women's International Media group. Retrieved 2008-10-22.
  3. ^ Bo Nielsen, "G7 Statement Fails to Convince Major Traders to Change Outlook", Bloomberg L.P., April 14, 2008
  4. ^ Simon Kennedy, "G7 `Against the Wall,' Weighs Loan-Guarantee Plan (Update1)", Bloomberg L.P., October 10, 2008.
  5. ^ Yahoo.com[dead link]
  6. ^ Simon Kennedy, "G7 Commit to 'All Necessary Steps' to Stem Meltdown (Update3), Bloomberg L.P., October 11, 2008 20:56 EDT
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