Difference between revisions of "G7"

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Revision as of 10:59, 19 June 2019

Group of Seven (G7)
Founded 1975
Headquarters Varies
Products International financial regulator

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.

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.

History

The formation of the G8 began at the Naples summit in 1994 after Russia was added to the Group of Seven (G7) countries.[1]

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.

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.[2]

Russia was suspended from G8 in 2014 following the nation's illegal annexation of the Crimea region of Ukraine.[3] 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 G20, a group of countries that includes Brazil, Mexico, Turkey, and Saudi Arabia.[4]

Cryptocurrency

[5]

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References