G7 - Group of Seven
April 2, 2008 – 5:27 pm- Institution: Group of 7
- Abbreviation: G7
- Type: Public
- Founded: 1985
- Members Total: 7
- Membership in: not applicable
- Membership of: not applicable
- Description: Group of Seven is the meeting of the finance ministers from the group of seven industrialized nations. The Group of Seven (G-7) major industrial countries began to hold annual economic summits (meetings at the level of head of state or government) in 1975. At the level of finance minister and central bank governor, the G-7 superseded the G-5 as the main policy coordination group during 1986-1987, particularly following the Louvre Accord of February 1987, which was agreed by the G-5 plus Canada and subsequently endorsed by the G-7. Since 1987, the G-7 finance ministers and central bank governors have met at least semi-annually to monitor developments in the world economy and assess economic policies. The Managing Director of the IMF usually, by invitation, participates in the surveillance discussions of the G-7 finance ministers and central bank governors. Although Russia has joined the group, thereby forming the Group of Eight, the G-7 continues to function as a forum for discussion of economic and financial issues among the major industrial countries.
- Working Group:
- Outreach:
- Reporting to: G8
- Website:
- Highest Organ: Finance Ministers Meeting
- Chair: Japan
- Seat:
- Function:
- Standards:
Source: IMF Factsheet - A Guide to Commitees, Groups and Clubs
Topics of this post: finance ministers, financial architecture, g7, g8, Organisations, public
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