G7

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Group of Eight (G8)
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Founded 1994
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Employees 250-500
Products XRP
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Website Ripple.com

The Group of Eight (G8) is a forum for the governments of Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States. Group ministers meet throughout the year and the member states meet at an annual summit meeting.

The G8 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]

References