G7
The Group of Seven (G7) is an intergovernmental political and economic forum consisting of Canada, France, Germany, Italy, Japan, the United Kingdom and the United States; additionally, the European Union (EU) is a "non-enumerated member". It is organized around shared values of pluralism, liberal democracy, and representative government. G7 members are major IMF advanced economies.
Some of the key events about G7
- 1975Established as an informal forum for the world's major industrialized democracies to discuss economic issues
- 1975Failed to effectively address the oil crisis and global economic instability
- 1979Launched the Tokyo Round of international trade negotiations, leading to significant tariff reductions
- 1985Coordinated the Plaza Accord to stabilize currency exchange rates
- 1985Implemented the Plaza Accord, leading to unintended economic consequences for Japan
- 1996Initiated the Heavily Indebted Poor Countries (HIPC) Initiative to provide debt relief to the world's poorest nations
- 1997Inadequately responded to the Asian financial crisis
- 1999Created the Financial Stability Forum to promote international financial stability
- 1999Faced criticism for insufficient debt relief efforts for developing countries
- 2001Unable to prevent the September 11 terrorist attacks despite intelligence sharing
- 2002Launched the Global Partnership Against the Spread of Weapons and Materials of Mass Destruction
- 2005Agreed to cancel $40 billion of debt owed by 18 highly indebted poor countries
- 2008Failed to anticipate and prevent the global financial crisis
- 2009Pledged $20 billion for a food security initiative to help farmers in poor countries
- 2009Criticized for inadequate response to climate change at the L'Aquila summit
- 2011Inability to effectively address the European debt crisis
- 2014Expelled Russia from the group, escalating tensions with Moscow
- 2015Committed to phase out fossil fuel subsidies and increase access to renewable energy in Africa
- 2018Failed to reach consensus on key issues due to growing divisions among member nations
- 2021Endorsed a global minimum corporate tax rate of 15% to address tax avoidance
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