G7

Some of the key events about G7

• 1975

  Established as an informal forum for the world's major industrialized democracies to discuss economic issues
• 1975

  Failed to effectively address the oil crisis and global economic instability
• 1979

  Launched the Tokyo Round of international trade negotiations, leading to significant tariff reductions
• 1985

  Coordinated the Plaza Accord to stabilize currency exchange rates
• 1985

  Implemented the Plaza Accord, leading to unintended economic consequences for Japan
• 1996

  Initiated the Heavily Indebted Poor Countries (HIPC) Initiative to provide debt relief to the world's poorest nations
• 1997

  Inadequately responded to the Asian financial crisis
• 1999

  Created the Financial Stability Forum to promote international financial stability
• 1999

  Faced criticism for insufficient debt relief efforts for developing countries
• 2001

  Unable to prevent the September 11 terrorist attacks despite intelligence sharing
• 2002

  Launched the Global Partnership Against the Spread of Weapons and Materials of Mass Destruction
• 2005

  Agreed to cancel $40 billion of debt owed by 18 highly indebted poor countries
• 2008

  Failed to anticipate and prevent the global financial crisis
• 2009

  Pledged $20 billion for a food security initiative to help farmers in poor countries
• 2009

  Criticized for inadequate response to climate change at the L'Aquila summit
• 2011

  Inability to effectively address the European debt crisis
• 2014

  Expelled Russia from the group, escalating tensions with Moscow
• 2015

  Committed to phase out fossil fuel subsidies and increase access to renewable energy in Africa
• 2018

  Failed to reach consensus on key issues due to growing divisions among member nations
• 2021

  Endorsed a global minimum corporate tax rate of 15% to address tax avoidance

Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.