|Group of Seven (G7)|
|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.
The formation of the G8 began at the Naples summit in 1994 after Russia was added to the Group of Seven (G7) countries.
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.
Russia was suspended from G8 in 2014 following the nation's illegal annexation of the Crimea region of Ukraine. 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.
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."
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- Backgrounder - Russia's participation in Group of Eight. People's Daily Online.
- The Group of Eight. Civil-G8.
- Ukraine crisis: Russia scathing about G8 suspension as fears grow over build-up of border troops build-up. The Independent.
- Russia announces plan to permanently leave G8 group of industrialised nations after suspension for Crimea annexation. The Independent.
- Facebook’s Libra currency draws instant response from regulators. Financial Times.