G7

Not to be confused with the g7+.
For other uses, see G7 (disambiguation).
Group of Seven and the European Union
 Canada
Prime Minister Stephen Harper
 France
President François Hollande
 Germany (2015 Chair)
Chancellor Angela Merkel
 Italy
Prime Minister Matteo Renzi
 Japan
Prime Minister Shinzō Abe
 United Kingdom
Prime Minister David Cameron
 United States
President Barack Obama
 European Union
Council President Donald Tusk
Commission President Jean-Claude Juncker
G7 finance ministers at the 2008 meeting (front row, left to right):

The Group of 7 (G7) is a group consisting of the finance ministers and central bank governors of seven major advanced economies as reported by the International Monetary Fund: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States meeting to discuss primarily economic issues. The European Union is also represented within the G7. The G7 are the seven wealthiest major developed nations by national net wealth, representing more than 64% of the net global wealth ($263 trillion) according to the Credit Suisse Global Wealth Report October 2014.[1] The IMF's Managing Director usually participates.[2] Recent G7 meetings include that of May 2013 in Aylesbury, United Kingdom with an emergency meeting in The Hague, Netherlands on March 24, 2014. Most recently, there was a meeting in Brussels on June 4, 2014.[3]

History

The G7's precursor was the 'Group of Six', founded ad hoc in 1975, consisting of finance ministers and central bank governors from France, West Germany, Italy, Japan, the United Kingdom and the United States, when Giscard d'Estaing invited them for an "informal gathering at the chateau of Rambouillet, near Paris [...] in a relaxed and private setting".[4] The intent was "to discuss current world issues (dominated at the time by the oil crisis) in a frank and informal manner".[4] Canada became the seventh member in 1976, after which the name 'Group 7' or G7 was used.[4] During 1986–87 the G7 with its finance ministers and central bank governors superseded the G5 as the main policy coordination group, particularly following the Louvre Accord of February 1987, agreed by the G5 plus Canada and endorsed by the G7.

Following 1994's G7 summit in Naples, Russian officials held separate meetings with leaders of the G7 after the group's summits. This informal arrangement was dubbed the Political 8 (P8) – or, colloquially, the G7+1. At the invitation of Prime Minister of the United Kingdom Tony Blair and President of the United States Bill Clinton,[5] Russian President Boris Yeltsin was invited first as a guest observer, later as a full participant. It was seen as a way to encourage Yeltsin's capitalist reforms. After the 1997 meeting Russia was formally invited to the next meeting and formally joined the group in 1998, resulting in a new group, the Group of Eight, or G8.[4]

Function

The organization was originally founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971, during the time of the Nixon Shock, the 1970s energy crisis and the ensuing recession.[6] Its goal was fine tuning of short term economic policies among participant countries to monitor developments in the world economy and assess economic policies.

Work

Since 1975, the group meets annually on summit site to discuss economic policies; since 1987, the G7 finance ministers have met at least semi-annually, up to 4 times a year at stand-alone meetings.[2][7]

In 1996, the G7 launched an initiative for the 42 heavily indebted poor countries (HIPC).[8]

In 1999, the G7 decided to get more directly involved in "managing the international monetary system" through the Financial Stability Forum, formed earlier in 1999 and the G-20, established following the summit, to "promote dialogue between major industrial and emerging market countries".[9] In 1999 the G7 announced their plan to cancel 90% of bilateral, and multilateral debt for the HIPC, totaling $100 billion. In 2005 the G7 announced, debt reductions of "up to 100%" to be negotiated on a "case by case" basis.

In 2008 the G7 met twice in Washington, D.C. to discuss the global financial crisis of 2007-2010[10] and in February 2009 in Rome.[11][12] The group of finance ministers pledged to take "all necessary steps" to stem the crisis.[13]

On March 2, 2014, the G7 condemned the "Russian Federation's violation of the sovereignty and territorial integrity of Ukraine."[14] The G7 stated "that the International Monetary Fund(IMF) remains the institution best prepared to help Ukraine address its immediate economic challenges through policy advice and financing, conditioned on needed reforms", and that the G7 was "committed to mobilize rapid technical assistance to support Ukraine in addressing its macroeconomic, regulatory and anti-corruption challenges."[14]

On March 24, 2014, the G7 convened an emergency meeting in response to the Russian Federation's annexation of Crimea at the Dutch Catshuis, located in The Hague because all G7 leaders were already present to attend the 2014 Nuclear Security Summit. This was the first G7 meeting neither taking place in a member nation nor having the host leader participating in the meeting.[15]

On June 4, 2014 leaders at the G7 summit in Brussels, condemned Moscow for its "continuing violation" of Ukraine's sovereignty, in their joint statement and stated they were prepared to impose further sanctions on Russia.[16] This meeting was the first since Russia was expelled from the group following its annexation of Crimea in March.[16]

Influence

The G7 has influenced IMF and World Bank rules of crisis resolution and development, as well as GATT's rules of international trade.[17]

Criticism

The G7 has been criticized for their representational deficit.[18] The G7 does not include the world's largest emerging economies such as Brazil, India and China. Walden Bello calls the G7 an undemocratic institution.[19] The G7 decision making process has been described non-transparent, by former insider Leo Van Houtven, Secretary of the IMF from 1977 to 1996: "[The G7's] frequent contacts with IMF management on both policy and operational issues lack transparency..."[9]

Table of meetings

The annual G7 leaders summit is attended by the heads of government.[20] The member country holding the G7 presidency is responsible for organizing and hosting the year's summit.

The serial annual summits can be parsed chronologically in arguably distinct ways, including as the sequence of host countries for the summits has recurred over time, series, etc.[21]

Date Host Host leader Location held Website Notes
1st November 15–17, 1975  France Valéry Giscard d'Estaing Rambouillet (Castle of Rambouillet) G6 Summit
2nd June 27–28, 1976  United States Gerald R. Ford Dorado, Puerto Rico[22] Also called "Rambouillet II;" Canada joins the group, forming the G7[22]
3rd May 7–8, 1977  United Kingdom James Callaghan London President of the European Commission is invited to join the annual G-7 summits
4th July 16–17, 1978  West Germany Helmut Schmidt Bonn, North Rhine-Westphalia
5th June 28–29, 1979  Japan Masayoshi Ōhira Tokyo
6th June 22–23, 1980  Italy Francesco Cossiga Venice acting Prime Minister Masayoshi Ito of Japan did not attend.
7th July 20–21, 1981  Canada Pierre E. Trudeau Montebello, Quebec
8th June 4–6, 1982  France François Mitterrand Versailles
9th May 28–30, 1983  United StatesRonald Reagan Williamsburg, Virginia
10th June 7–9, 1984  United Kingdom Margaret Thatcher London
11th May 2–4, 1985  West Germany Helmut Kohl Bonn, North Rhine-Westphalia
12th May 4–6, 1986  Japan Yasuhiro Nakasone Tokyo
13th June 8–10, 1987  ItalyAmintore Fanfani Venice
14th June 19–21, 1988  Canada Brian Mulroney Toronto
15th July 14–16, 1989  France François Mitterrand Paris
16th July 9–11, 1990  United StatesGeorge H. W. Bush Houston
17th July 15–17, 1991  United KingdomJohn MajorLondon
18th July 6–8, 1992  Germany Helmut Kohl Munich, Bavaria
19th July 7–9, 1993  Japan Kiichi Miyazawa Tokyo
20th July 8–10, 1994  ItalySilvio Berlusconi Naples
21st June 15–17, 1995  Canada Jean Chrétien Halifax, Nova Scotia [23]
22nd June 27–29, 1996  France Jacques Chirac Lyon International organizations' debut to G7 Summits periodically. The invited ones here were: United Nations, World Bank, International Monetary Fund and the World Trade Organization.[24]
23rd June 20–22, 1997  United States Bill Clinton Denver [25] Russia joins the group, forming G8
24th May 15–17, 1998  United KingdomTony Blair Birmingham[26]
25th June 18–20, 1999  GermanyGerhard Schröder Cologne, North Rhine-Westphalia [27] First Summit of the G-20 major economies at Berlin
26th July 21–23, 2000  Japan Yoshiro Mori Nago, Okinawa [28] Formation of the G8+5 starts, when South Africa was invited. Until the 38th G8 summit in 2012, it has been invited to the Summit annually without interruption. Also, with permission from a G8 leader, other nations were invited to the Summit on a periodical basis for the first time. Nigeria, Algeria and Senegal accepted their invitations here. The World Health Organization was also invited for the first time.[24]
27th July 20–22, 2001  Italy Silvio Berlusconi Genoa [29] Leaders from Bangladesh, Mali and El Salvador accepted their invitations here.[24] Demonstrator Carlo Giuliani is shot and killed by police during a violent demonstration. One of the largest and most violent anti-globalization movement protests occurred for the 27th G8 summit.[30] Following those events and the September 11 attacks two months later in 2001, the G8 have met at more remote locations.
28th June 26–27, 2002  CanadaJean Chrétien Kananaskis, Alberta [31] Russia gains permission to officially host a G8 Summit.
29th June 2–3, 2003  France Jacques Chirac Évian-les-Bains The G8+5 was unofficially made, when China, India, Brazil, and Mexico were invited to this Summit for the first time. South Africa has joined the G8 Summit, since 2000, until the 2012 edition. Other first-time nations that were invited by the French president included: Egypt, Morocco, Saudi Arabia, Malaysia and Switzerland.[24]
30th June 8–10, 2004  United StatesGeorge W. Bush Sea Island, Georgia [32] A record number of leaders from 12 different nations accepted their invitations here. Amongst a couple of veteran nations, the others were: Ghana, Afghanistan, Bahrain, Iraq, Jordan, Turkey, Yemen and Uganda.[24] Also, the state funeral of former president Ronald Reagan took place in Washington during the summit.
31st July 6–8, 2005  United Kingdom Tony Blair Gleneagles[33] The G8+5 was officially formed. On the second day of the meeting, suicide bombers killed 52 people on the London Underground and a bus. Nations that were invited for the first time were Ethiopia and Tanzania. The African Union and the International Energy Agency made their debut here.[24] During the 31st G8 summit in United Kingdom, 225,000 people took to the streets of Edinburgh as part of the Make Poverty History campaign calling for Trade Justice, Debt Relief and Better Aid. Numerous other demonstrations also took place challenging the legitimacy of the G8.[34]
32nd July 15–17, 2006  Russia Vladimir Putin Strelna, St. Petersburg First G8 Summit on Russian soil. Also, the International Atomic Energy Agency and UNESCO made their debut here.[24]
33rd June 6–8, 2007  Germany Angela Merkel Heiligendamm, Mecklenburg-Vorpommern Seven different international organizations accepted their invitations to this Summit. The Organisation for Economic Co-operation and Development and the Commonwealth of Independent States made their debut here.[24]
34th July 7–9, 2008  Japan Yasuo Fukuda Toyako (Lake Toya), Hokkaido [35] Nations that accepted their G8 Summit invitations for the first time are: Australia, Indonesia and South Korea.[24]
35th July 8–10, 2009  Italy Silvio Berlusconi L'Aquila, Abruzzo This G8 Summit was originally planned to be in La Maddalena (Sardinia), but was moved to L'Aquila as a way of showing Prime Minister Berlusconi's desire to help the region in and around L'Aquila after the earthquake that hit the area on the April 6th, 2009. Nations that accepted their invitations for the first time were: Angola, Denmark, Netherlands and Spain.[36] A record of TEN (10) international organizations were represented in this G8 Summit. For the first time, the Food and Agriculture Organization, the International Fund for Agricultural Development, the World Food Programme, and the International Labour Organization accepted their invitations.[37]
36th June 25–26, 2010[38]  Canada Stephen Harper Huntsville, Ontario[39] [40] Malawi, Colombia, Haiti, and Jamaica accepted their invitations for the first time.[41]
37th May 26–27, 2011  France Nicolas Sarkozy Deauville,[42][43] Basse-Normandie Guinea, Niger, Côte d'Ivoire and Tunisia accepted their invitations for the first time. Also, the League of Arab States made its debut to the meeting.[44]
38th May 18–19, 2012  United States Barack Obama Camp David[45] The summit was originally planned for Chicago, along with the NATO summit, but it was announced officially on March 5, 2012, that the G8 summit will be held at the more private location of Camp David and at one day earlier than previously scheduled.[46] Also, this is the second G8 summit, in which one of the core leaders (Vladimir Putin) declined to participate. This G8 summit concentrated on the core leaders only; no non-G8 leaders or international organizations were invited.
39th June 17–18, 2013  United Kingdom David Cameron Lough Erne, County Fermanagh[47] As in 2012, only the core members of the G8 attended this meeting. The four main topics that were discussed here were trade, government transparency, tackling tax evasion, and the ongoing Syrian crisis.[48]
40th June 4–5, 2014  European Union
( Belgium)
 Herman Van Rompuy
José Manuel Barroso 		Brussels G7 summit as an alternative meeting without Russia in 2014 due to association with Crimean crisis.[49] G8 summit did not take place in Sochi, Russia. G7 summit relocated to Brussels, Belgium.[50]
41st June 7–8, 2015  Germany Angela Merkel Schloss Elmau[51] Summit dedicated to focus on the global economy as well as on key issues regarding foreign, security and development policy[52]
42nd TBD, 2016  Japan Shinzō Abe TBD until before 41st summit in 2015[53]
candidates: Hiroshima, Kobe, Nagoya, Sendai, Niigata, Karuizawa, Hamamatsu
43rd TBD, 2017  Italy Matteo Renzi TBD
candidate:[54][55] Florence
44th TBD, 2018  Canada[56] TBD in 2015 General Election TBD
45th TBD, 2019  France[56] TBD in 2017 Presidential Election TBD
46th TBD, 2020  United States[56] TBD in 2016 Presidential Election TBD

Leaders

Region Member Official title Head of government Official title Finance minister Central bank governor
North America  Canada Prime Minister Stephen Harper Minister of Finance Joe Oliver Stephen Poloz
Europe  France President

Prime Minister

 François Hollande

Manuel Valls

 Minister of Finances Michel Sapin Christian Noyer
Europe  Germany Chancellor Angela Merkel Minister of Finance Wolfgang Schäuble Jens Weidmann
Europe  Italy Prime Minister Matteo Renzi Minister of Economy
and Finance		 Pier Carlo Padoan Ignazio Visco
Asia  Japan Prime Minister Shinzo Abe Minister of Finance Taro Aso Haruhiko Kuroda
Europe  United Kingdom Prime Minister David Cameron Chancellor of the Exchequer George Osborne Mark Carney
North America  United States President Barack Obama Secretary of the Treasury Jack Lew Janet Yellen
Europe  European Union European Council President[57]

Commission President[57]

 Donald Tusk

Jean-Claude Juncker

 Commissioner for Economic
and Monetary Affairs
and the Euro		 Jyrki Katainen Mario Draghi

Portraits of Heads of Government and EU representatives, as of 2014

Member country data

Member Trade mil. USD (2014) Nom. GDP mil. USD (2014)[58] PPP GDP mil. USD (2014)[59] Nom. GDP per capita USD (2014)[60] PPP GDP per capita USD (2014)[61] HDI (2013) Population (2014) P5 G7 BRICS MINT DAC OECD Economic classification (IMF)[62]
 Canada 947,200 1,788,717 1,591,580 50,398 44,843 0.902 35,467,000 Red X Green tick Red X Red X Green tick Green tick Advanced
 France 1,212,300 2,846,889 2,580,750 44,538 40,375 0.884 63,951,000 Green tick Green tick Red X Red X Green tick Green tick Advanced
 Germany 2,866,600 3,859,547 3,721,551 47,590 45,888 0.911 80,940,000 Red X Green tick Red X Red X Green tick Green tick Advanced
 Italy 948,600 2,147,952 2,127,743 35,823 35,486 0.872 59,960,000 Red X Green tick Red X Red X Green tick Green tick Advanced
 Japan 1,522,400 4,616,335 4,750,771 36,332 37,390 0.890 127,061,000 Red X Green tick Red X Red X Green tick Green tick Advanced
 United Kingdom 1,189,400 2,945,146 2,548,889 45,653 39,511 0.892 64,511,000 Green tick Green tick Red X Red X Green tick Green tick Advanced
 United States 3,944,000 17,418,925 17,418,925 54,597 54,597 0.914 318,523,000 Green tick Green tick Red X Red X Green tick Green tick Advanced
 European Union 4,485,000 18,495,349 18,526,477 36,638 36,700 0.876 505,570,700 N/A N/A N/A N/A N/A N/A N/A

The G7 is composed of the wealthiest developed countries by national net wealth (See National wealth). The People's Republic of China, according to its data, would be 3rd (8.1% of the world net wealth) in the world, but is excluded because it isn't a developed country.[63] As of 2014 Credit Suisse estimates, that the G7 (without the European Union) represents above 64% of the global net wealth.[63] Including the EU the G7 represents over 70% of the global net wealth.[63]

See also

References

  1. ↑ Credit Suisse Global Wealth Databook 2013 (PDF). Credit Suisse. October 2013.
  2. ↑ 2.0 2.1 "A Guide To Committees, Groups, And Clubs. G7". factsheet. IMF org. September 27, 2013. Retrieved 25 March 2014.
  3. ↑ "Obama and Merkel warn of tougher sanctions against Russia over Ukraine The German and US leaders issued a joint statement at the G7 summit on Wednesday night".
  4. ↑ 4.0 4.1 4.2 4.3 2008 "Evian summit - Questions about the G8". Ministère des Affaires étrangères, Paris. n.d.
  5. ↑ "Russia — Odd Man Out in the G-8", Mark Medish, The Globalist, 02-24-2006.Accessed: 07-12-2008
  6. ↑ Bayne, Nicholas (December 7, 1998), "International economic organizations : more policy making less autonomy", in Reinalda, Bob; Verbeek, Bertjan, Autonomous Policymaking By International Organizations (Routledge/Ecpr Studies in European Political Science, 5), Routledge, ISBN 9780415164863, OCLC 70763323, 0415164869
  7. ↑ "G7/8 Ministerial Meetings and Documents". G8 Information Centre. University of Toronto. 2014. Retrieved 10 March 2014.
  8. ↑ International Money Fund. "Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative;Perspectives on the Current Framework and Options for Change". IMF.org. Retrieved 25 March 2014.
  9. ↑ 9.0 9.1 Van Houtven, Leo (September 2004). "Rethinking IMF Governance" (PDF). Finance & Development. International Money Fund. p. 18. Retrieved 25 March 2014.
  10. ↑ Bo Nielsen (14 April 2008). "G7 Statement Fails to Convince Major Traders to Change Outlook. publisher= Bloomberg L.P.".
  11. ↑ Simon Kennedy (10 October 2008). G7 "Against the Wall- Weighs Loan-Guarantee Plan (Update1)". Bloomberg L.P.
  12. ↑ Yahoo.com
  13. ↑ Simon Kennedy (11 October 2008). G7 "Commit to 'All Necessary Steps' to Stem Meltdown (Update3)". Bloomberg L.P.
  14. ↑ 14.0 14.1 "Statement by G7 Nations". G8 Info Ctr. University of Toronto. March 2, 2014. Retrieved 10 March 2014.
  15. ↑ "G7 leaders descend on the Netherlands for Ukraine crisis talks". CBC news. Thomson Reuters. 23 March 2014.
  16. ↑ 16.0 16.1 BBC (5 June 2014). "G7 leaders warn Russia of fresh sanctions over Ukraine". BBC.
  17. ↑ de Brouwer, Gordon (2012-03-20). "The Asian century and the G20: an Australian perspective on a changing world". Australian Department of Foreign Affairs and Trade. Retrieved 11 March 2014.
  18. ↑ Telò, Mario (February 2012). State, Globalization and Multilateralism: The challenges of institutionalizing regionalism. Springer. p. 167.
  19. ↑ Walden Bello (October 25, 2001). "Prospects for Good Global Governance: The View from the South. A Report Prepared for the Bundestag, Federal Republic of Germany" (PDF). Global Policy Forum. Retrieved 23 March 2014.
  20. ↑ Feldman, Adam (July 7, 2008). "What's Wrong with the G-8". Forbes (New York).
  21. ↑ Hajnal, Peter I. (1999). The G8 System and the G20: Evolution, Role and Documentation, p. 30., p. 30, at Google Books
  22. ↑ 22.0 22.1 Shabecoff, Philip. "Go-Slow Policies Urged by Leaders in Economic Talks; Closing Statement Calls for Sustained Growth Coupled With Curbs on Inflation; Ford's Aims Realized; 7 Heads of Government Also Agree to Consider a New Body to Assist Italy Co-Slow Economic Policies Urged by 7 Leaders," New York Times. June 29, 1976; Chronology, June 1976.
  23. ↑ "Halifax G7 Summit 1995". Chebucto.ns.ca. 2000-05-28. Retrieved 2010-06-27.
  24. ↑ 24.0 24.1 24.2 24.3 24.4 24.5 24.6 24.7 24.8 Kirton, John. "A Summit of Substantial Success: The Performance of the 2008 G8"; page 88 and 89 G8 Information Centre — University of Toronto July 17, 2008.
  25. ↑ "Denver Summit of the Eight". State.gov. Retrieved 2010-02-08.
  26. ↑ "Internet Archive Wayback Machine". Web.archive.org. 1998-12-12. Archived from the original on 1998-12-12. Retrieved 2011-05-21.
  27. ↑ "1999 G8 summit documents". Web.archive.org. 2005-02-26. Archived from the original on 2005-02-26. Retrieved 2010-06-27.
  28. ↑ "Kyushu-Okinawa Summit". MOFA. Retrieved 2010-02-08.
  29. ↑ "Vertice di Genova 2001". Web.archive.org. 2001-08-06. Archived from the original on 2001-08-06. Retrieved 2010-02-08.
  30. ↑ Italy officials convicted over G8, BBC News
  31. ↑ "UT G8 Info. Centre. Kananaskis Summit 2002. Summit Contents". G8.utoronto.ca. Retrieved 2010-02-08.
  32. ↑ "Sea Island Summit 2004". Georgewbush-whitehouse.archives.gov. Retrieved 2010-02-08.
  33. ↑ "Special Reports | G8_Gleneagles". BBC News. 2008-09-17. Retrieved 2010-02-08.
  34. ↑ David Miller "Spinning the G8", Zednet, May 13th 2005.
  35. ↑ "Hokkaido Toyako Summit – TOP". Mofa.go.jp. Retrieved 2010-02-08.
  36. ↑ "G8 Summit 2009 – official website – Other Countries". G8italia2009.it. Retrieved 2010-02-08.
  37. ↑ "G8 Summit 2009 – official website – International Organizations". G8italia2009.it. Retrieved 2010-02-08.
  38. ↑ "Canada's G8 Plans" (PDF). Retrieved 2010-06-27.
  39. ↑ "Prime Minister of Canada: Prime Minister announces Canada to host 2010 G8 Summit in Huntsville". Pm.gc.ca. Retrieved 2010-02-08.
  40. ↑ "2010 Muskoka Summit". Canadainternational.gc.ca. Retrieved 2011-05-21.
  41. ↑ Participants at the 2010 Muskoka Summit. G8 Information Centre. Retrieved June 29, 2010.
  42. ↑ "Le prochain G20 aura lieu à Cannes," Le point. November 12, 2010.
  43. ↑ The City of Deauville Official 2011 G8 website. Retrieved February 7, 2011.
  44. ↑ Kirton, John (May 26, 2011). "Prospects for the 2011 G8 Deauville Summit". G8 Information Centre. Retrieved 2011-05-27.
  45. ↑ "2012 G8 Summit Relocation". G8.utoronto.ca. Retrieved 2013-03-26.
  46. ↑ "White House Moves G8 Summit From Chicago To Camp David". CBS Chicago. March 5, 2012. Retrieved 2012-03-05.
  47. ↑ "BBC News - Lough Erne resort in Fermanagh to host G8 summit". Bbc.co.uk. 2012-11-20. Retrieved 2013-03-26.
  48. ↑ "As it happened: G8 summit". BBC News. Retrieved 2013-06-18.
  49. ↑ "Russia out in the cold after suspension from the G8". The Scotsman. 18 March 2014. Retrieved 23 March 2014.
  50. ↑ "G-7 Agrees to Exclude Russia, Increase Sanctions/World Powers to Meet in Brussels in June Without Russia". The Wall Street Journal. 25 March 2014.
  51. ↑ Germany to hold 2015 G8 summit at Alpine spa Elmau in Bavaria
  52. ↑ "German G7 presidency - Key topics for the summit announced". 19 November 2014.
  53. ↑ "Abe to select 2016 G7 summit site by June". Japan Today. 16 March 2015. Retrieved 20 March 2015.
  54. ↑ "Renzi proposes Florence as host city of G8 in 2017". La Gazzetta del Mezzogiorno. 24 March 2014.
  55. ↑ "Matteo Renzi uffiziale" (in Italian). 24 March 2014.
  56. ↑ 56.0 56.1 56.2 "G7 Summit in Brussels, 4 – 5 June 2014: Background note and facts about the EU's role and action". 3 June 2014. Retrieved 2 April 2015.
  57. ↑ 57.0 57.1 "Van Rompuy and Barroso to both represent EU at G20". EUobserver.com. 19 March 2010. Retrieved 21 October 2012. "The permanent president of the EU Council, former Belgian premier Herman Van Rompuy, also represents the bloc abroad in foreign policy and security matters...in other areas, such as climate change, President Barroso will speak on behalf of the 27-member club."
  58. ↑ "GDP (current US$)". World Development Indicators. World Bank. Retrieved 1 July 2014.
  59. ↑ "Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP". IMF World Economic Outlook. April 2014. Retrieved 19 August 2014.
  60. ↑ Data refer mostly to the year 2013. World Development Indicators database, World Bank. Database updated on 1 July 2014. Accessed on 3 July 2014.
  61. ↑ "World Economic Outlook: GDP (PPP) per capita". International Monetary Fund. October 2014. Retrieved 19 October 2014.
  62. ↑ "World Economic Outlook data". IMF. 2014. Retrieved 19 October 2014.
  63. ↑ 63.0 63.1 63.2 [https://publications.credit-suisse.com/tasks/render/file/index.cfm?fileid=25EC6CF2-0407-67D9-AAEAAE8BDFEDE378 Global Wealth Databook 2014] Credit Suisse Research Institute, October 2014 Page: 33-92

External links

Wikimedia Commons has media related to Group of Seven.
Wikinews has related news: Economic policy makers conclude Washington meetings