Difference between revisions of "G7"

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The Group of Seven (G7) is a forum for the governments of Canada, France, Germany, Italy, Japan, the United Kingdom, the United States, and formerly, Russia. Group ministers meet throughout the year and the member states meet at an annual summit meeting.
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The Group of Seven (G7) is a forum for the governments of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Group ministers meet throughout the year and the member states meet at an annual summit meeting.
  
The G7 has no headquarters, no permanent staff or budget. The country that holds the presidency is the host country for the G8 summit of that given year and has the responsibility of paying for all costs associated with it.
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The G7 has no headquarters, no permanent staff or budget. The country that holds the presidency in a given year is the host country for the G7 summit that year and has the responsibility of paying for all costs associated with it. Currently, France holds the presidency.
  
 
== History ==
 
== History ==
  
The formation of the G8 began at the Naples summit in 1994 after Russia was added to the Group of Seven (G7) countries.<ref>{{cite web|url=http://english.people.com.cn/200607/14/eng20060714_282842.html|name=Backgrounder - Russia's participation in Group of Eight|org=People's Daily Online|date=June 19, 2019}}</ref>
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In 1975 the French president Valery Giscard d’Estaing initiated the first meeting of what would become G7 at Château de Rambouillet - a commune in the metropolitan area of Paris. Leaders from six countries attended, including France, forming the Group of Six (G6). Canada joined a year later, making it the Group of Seven.
  
The history of the G8 (previously the G7) began in 1975 when at the initiative of the French president of that time, Valery Giscard d’Estaing, the first meeting of the leaders of six countries was organized at Rambouillet - a commune in the metropolitan area of Paris. Canada joined a year later.
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Since 1977 the leader of the European Commission has also been invited to the summits. Initially, the G7 primarily discussed macroeconomic issues and global development trends, but current political issues were later added to the agenda.<ref>{{cite web|url=http://en.civilg8.ru/G8_Group/1648.php//english.people.com.cn/200607/14/eng20060714_282842.html|name=The Group of Eight|org=Civil-G8|date=June 19, 2019}}</ref>
  
Since 1977 the leader of the European Commission has also been invited to the summits. Initially, the G7 primarily discussed macroeconomic issues and global development trends, but current political issues were later added to the agenda.<ref>{{cite web|url=http://en.civilg8.ru/G8_Group/1648.php//english.people.com.cn/200607/14/eng20060714_282842.html|name=The Group of Eight|org=Civil-G8|date=June 19, 2019}}</ref>
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In 1994, at a summit in Naples, Russia was added to the Group of Seven (G7) countries, effectively forming the Group of Eight (G8).<ref>{{cite web|url=http://english.people.com.cn/200607/14/eng20060714_282842.html|name=Backgrounder - Russia's participation in Group of Eight|org=People's Daily Online|date=June 19, 2019}}</ref>
  
Russia was suspended from G8 in 2014 following the nation's illegal annexation of the Crimea region of Ukraine.<ref>{{cite web|url=https://www.independent.co.uk/news/world/europe/ukraine-crisis-g-7-leaders-cancel-g-8-summit-in-sochi-until-russia-changes-course-9213000.html|name=Ukraine crisis: Russia scathing about G8 suspension as fears grow over build-up of border troops build-up|org=The Independent|date=June 19, 2019}}</ref> Three years later, in 2017, Russia announced that it would be permanently stepping away from G8. A spokesperson from the Kremlin, Dmitry Peskov, said that Russian sovereign Vladimir Putin's new priority was [http://www.marketswiki.com/wiki/G20 G20], a group of countries that includes Brazil, Mexico, Turkey, and Saudi Arabia.<ref>{{cite web|url=https://www.independent.co.uk/news/world/politics/russia-g8-kremlin-crimea-ukraine-vladimir-putin-g7-g20-a7525836.html|name=Russia announces plan to permanently leave G8 group of industrialised nations after suspension for Crimea annexation|org=The Independent|date=June 19, 2019}}</ref>
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Russia was suspended from G8 in 2014 following the nation's illegal annexation of the Crimea region of Ukraine, causing it to go back to using the moniker G7.<ref>{{cite web|url=https://www.independent.co.uk/news/world/europe/ukraine-crisis-g-7-leaders-cancel-g-8-summit-in-sochi-until-russia-changes-course-9213000.html|name=Ukraine crisis: Russia scathing about G8 suspension as fears grow over build-up of border troops build-up|org=The Independent|date=June 19, 2019}}</ref> Three years later, in 2017, Russia announced that it would be permanently stepping away from the group. A spokesperson from the Kremlin, Dmitry Peskov, said that Russian sovereign Vladimir Putin's new priority was [http://www.marketswiki.com/wiki/G20 G20], a group of countries that includes Brazil, Mexico, Turkey, and Saudi Arabia.<ref>{{cite web|url=https://www.independent.co.uk/news/world/politics/russia-g8-kremlin-crimea-ukraine-vladimir-putin-g7-g20-a7525836.html|name=Russia announces plan to permanently leave G8 group of industrialised nations after suspension for Crimea annexation|org=The Independent|date=June 19, 2019}}</ref>
  
 
== Cryptocurrency ==
 
== Cryptocurrency ==
  
In 2019, [[Facebook]] announced the development of [[Libra]], a [[stablecoin]] designed to improve the process of executing P2P transactions across national borders. On June 18, 2019, G7 announced it would set up a high-level forum to examine the risks of such [[digital assets]] to the financial system, and how to ensure regulatory measures like preventing money-laundering. In response to the news that the social media company planned on backing Libra with hard assets like currencies and securities, Mark Carney, governor of the Bank of England that Libra would be considered "with an open mind" but not "an open door."<ref>{{cite web|url=https://www.ft.com/content/5535fb3a-91ea-11e9-b7ea-60e35ef678d2|name=Facebook’s Libra currency draws instant response from regulators|org=Financial Times|date=June 19, 2019}}</ref>
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In 2019, [[Facebook]] announced the development of [[Libra]], a [[stablecoin]] designed to improve the process of executing P2P transactions across national borders. On June 18, 2019, G7 announced it would set up a high-level forum to examine the risks of such [[digital assets]] to the financial system, and how to ensure regulatory measures like preventing money-laundering. In response to the news that the social media company planned on backing Libra with hard assets like currencies and securities, Mark Carney, governor of the Bank of England, said that Libra would be considered "with an open mind" but not "an open door."<ref>{{cite web|url=https://www.ft.com/content/5535fb3a-91ea-11e9-b7ea-60e35ef678d2|name=Facebook’s Libra currency draws instant response from regulators|org=Financial Times|date=June 19, 2019}}</ref> Days later, French central bank governor Francois Villeroy de Galhau said that G7 will create a taskforce to study stablecoins in order to learn how best to regulate them. According to Reuters, another issue to be studied by the taskforce is custodianship of digital assets.<ref>{{cite web|url=https://www.reuters.com/article/us-facebook-crypto/european-central-bankers-claim-oversight-over-facebooks-cryptocurrency-idUSKCN1TM188|name=European central bankers claim oversight over Facebook’s cryptocurrency|org=Reuters|date=June 21, 2019}}</ref>
  
 
== Full page on MarketsWiki ==
 
== Full page on MarketsWiki ==
  
''To read the full article on Group of Eight, click on [[File:Marketswiki.gif|25px|link=http://www.marketswiki.com/wiki/Group_of_Eight]] to open a new tab with MarketsWiki.''
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''To read the full article on Group of Seven, click on [[File:Marketswiki.gif|25px|link=http://www.marketswiki.com/wiki/Group_of_Seven]] to open a new tab in MarketsWiki.''
  
 
== References ==
 
== References ==
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[[Category: distributed ledgers]]
 
[[Category: distributed ledgers]]
 
[[Category: cryptocurrency]]
 
[[Category: cryptocurrency]]
[[Category: altcoins]]
 
 
[[Category:Cryptocurrency]]
 
[[Category:Cryptocurrency]]
 
[[Category:Digital Assets]]
 
[[Category:Digital Assets]]

Latest revision as of 13:32, 21 June 2019

Group of Seven (G7)
Founded 1975
Headquarters Varies
Products International regulatory forum

The Group of Seven (G7) is a forum for the governments of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. Group ministers meet throughout the year and the member states meet at an annual summit meeting.

The G7 has no headquarters, no permanent staff or budget. The country that holds the presidency in a given year is the host country for the G7 summit that year and has the responsibility of paying for all costs associated with it. Currently, France holds the presidency.

History

In 1975 the French president Valery Giscard d’Estaing initiated the first meeting of what would become G7 at Château de Rambouillet - a commune in the metropolitan area of Paris. Leaders from six countries attended, including France, forming the Group of Six (G6). Canada joined a year later, making it the Group of Seven.

Since 1977 the leader of the European Commission has also been invited to the summits. Initially, the G7 primarily discussed macroeconomic issues and global development trends, but current political issues were later added to the agenda.[1]

In 1994, at a summit in Naples, Russia was added to the Group of Seven (G7) countries, effectively forming the Group of Eight (G8).[2]

Russia was suspended from G8 in 2014 following the nation's illegal annexation of the Crimea region of Ukraine, causing it to go back to using the moniker G7.[3] Three years later, in 2017, Russia announced that it would be permanently stepping away from the group. A spokesperson from the Kremlin, Dmitry Peskov, said that Russian sovereign Vladimir Putin's new priority was G20, a group of countries that includes Brazil, Mexico, Turkey, and Saudi Arabia.[4]

Cryptocurrency

In 2019, Facebook announced the development of Libra, a stablecoin designed to improve the process of executing P2P transactions across national borders. On June 18, 2019, G7 announced it would set up a high-level forum to examine the risks of such digital assets to the financial system, and how to ensure regulatory measures like preventing money-laundering. In response to the news that the social media company planned on backing Libra with hard assets like currencies and securities, Mark Carney, governor of the Bank of England, said that Libra would be considered "with an open mind" but not "an open door."[5] Days later, French central bank governor Francois Villeroy de Galhau said that G7 will create a taskforce to study stablecoins in order to learn how best to regulate them. According to Reuters, another issue to be studied by the taskforce is custodianship of digital assets.[6]

Full page on MarketsWiki

To read the full article on Group of Seven, click on Marketswiki.gif to open a new tab in MarketsWiki.

References