Group of Seven


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Group of Seven

(G7), international organization officially established in 1985 to facilitate economic and commercial cooperation among the world's largest industrial nations, including efforts to aid the economies of non-G7 nations. Members are Canada, France, Germany, Great Britain, Italy, Japan, and the United States. The leaders of the G7 nations meet annually in member countries. Summit meetings of the member nations of what became the G7 began in 1975, and representatives of the European CommissionEuropean Commission
(EC), institution of the European Union (EU) invested with executive powers; it also is the main EU institution that initiates legislation. Located in Brussels, Belgium, it was founded in 1967 when the three treaty organizations comprising what was then the
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 attended G7 meetings beginning in 1981. The Group of Eight (G8), which consists of the G7 nations plus Russia, was officially established in 1998, although Russia began participating in some G7 meetings earlier in the 1990s. G7 nations continued to meet without Russia on certain issues.

Emerging nations had long complained that their interests were not addressed during the G7 meetings; these concerns resulted in the first meeting (1999) of the newly formed Group of Twenty (G20), with the G8 nations plus Argentina, Australia, Brazil, China, the European Union, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, and Turkey participating. Initially involving only finance ministers and the heads of central banks, the organization brought together industrial and emerging-market countries to discuss issues related to global economic stability. The G20 conferences included national leaders for the first time in 2008 amid the world financial crisis and recession, and in 2009 G20 leaders announced plans for the G20 to replace its predecessors as the main forum for global economic policy, reflecting the increased economic importance of China and other emerging-market nations. Although superseded on economic issues, the G8 would continue, focusing instead on noneconomic issues, such as those relating to security. In 2014, following Russia's annexation of Crimea, the G7 nations suspended Russia's membership in the G8.

References in periodicals archive ?
The whole project started as a research project to find the sites where the Group of Seven painted in their formative years," said Joanie McGuffin.
Jubilee is calling for an end to these adjustment programs, but the Group of Seven, the International Monetary Fund and the World Bank continue to insist on restructuring as a condition of debt relief.
Summary:EU Foreign Ministers and the European Commission decided on February 22 to urge the German Presidency to continue with its efforts to ensure that the external representation of the Euro zone within the Group of Seven most industrialised nations is in keeping with a deal brokered at the EU Summit last December in Vienna (see previous issue of European Report).
Cobiness was one of the Aboriginal Group of Seven, also known as the Woodlands Group of Seven.
In 1989, researchers identified this group of seven long-term survivors during a review of records kept by the New South Wales Red Cross Blood Transfusion Service in Sydney.
This year marks the seventy-fifth anniversary of the official debut of the Group of Seven, Canada's best known and most influential artistic alliance.
Anita Campion, who has been with American Landmark for 13 years, supervises a group of seven dedicated workers who make everything run so smoothly.
In addition, political turbulence in Eastern Europe helped support the dollar against the mark through most of the period, while intervention and evidence of international cooperation around the time of the Group of Seven (G-7) summit meeting in July was seen in the market as limiting the prospect of a continuing dollar rise.
A group of seven local business leaders and University of Houston System marketing professors evaluated the nominated firms, selecting a finalist in each of 15 categories.
Based on a business report generated a few years ago, the city has developed an itinerary that plays on the area's connection to the Group of Seven painters and their proclivity for working in the Algoma region; in particular, along the Algoma Central Rail (ACR) line.
Summary: The Group of Seven leading industrial nations, which includes the U.
dollar climbed to the upper 82 yen level Wednesday morning in Tokyo, its highest level since the Group of Seven economies jointly intervened earlier this month, amid expectations that the U.

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