Group of Seven


Also found in: Dictionary, Financial, Acronyms, Wikipedia.

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
..... Click the link for more information.
 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 Although superseded on economic issues, the G8 would continue, focusing instead on noneconomic issues, such as those relating to security.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.

The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/
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.
Caption: Group of Seven artist Lawren Harris painted Hurdy Gurdy (right), owned by Vancouver art collector Tony Ma and valued at more than $1 million.
"(Group leader) Daphne (Odjig) encouraged us," said Alex Janvier, also a member of the Group of Seven. "Being compared to a powerful group opened doors that weren't open before to the spiritual inside of the people."
The G-20 consists of the Group of Seven major industrialized countries --
The note is the most valuable from a group of seven antique notes, which all feature the word Birmingham, which are expected to fetch a total of pounds 11,500 at a Spink sale in London on Wednesday.
The magazine noted Pryor's lead role in forging the Gang of 14, a group of seven Republicans and seven Democrats who reached a compromise on judicial nominations and allowed the Senate to move forward with passing major transportation and energy bills in 2005.
Dawson, 21, had been in a Philadelphia jail since October 29 for killing 17-year-old Gerald Knight, one of a group of seven teenagers who allegedly beat him while yelling antigay slurs after following him as he walked to a bus stop near his home in the city's East Mount Airy neighborhood.
He was promoted again in 2000 to Director of Sales for Guidant Cardiac Rhythm Management Division, and he leads a group of seven Regional Managers and 95 Sales and Clinical Specialists.
'And, if we are in a group of seven sides, that could potentially mean even more difficult trips.
But evidence that the recovery was beginning to generate an improved job market was seen as an inflection point for stable economic growth ahead, which helped alleviate concerns raised by the Group of Seven pronouncement.
According to Homer Ulrich, author of The Centennial History of the Music Teachers National Association, early in 1928, a group of seven music teachers met in Tucson to form an organization for those in their profession.
The Lake O'Hara region, one of the most beautiful spots in the Canadian Rockies, became an obsession of Group of Seven artist J.E.H.

Full browser ?