G7: Here’s what to know about the meeting of world leaders
The G7 is a shorthand for Group of Seven, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, United Kingdom, and United States.
What is the G7 doing?
G7 members meet annually for a summit to discuss pressing issues on the world stage and coordinate policies.
In a statement ahead of the summit, British Prime Minister Boris Johnson said he would urge fellow G7 leaders at the summit to make concrete commitments to vaccinate the world, as well as support the “Global Pandemic Radar” – a new surveillance system to protect immunization programs.
What is the power of the G7?
The G7 is above all a place of coordination and the group has produced decisions of global importance.
US Treasury Secretary Janet Yellen said on Saturday the deal was a “significant and unprecedented commitment” by the world’s richest economies to prevent companies from avoiding taxes by shifting their profits to abroad.
What is the history of the G7?
The meetings began as the Library Group, founded in the 1970s by then-US Treasury Secretary George Shultz.
Finance ministers from the United States, France, Germany and the United Kingdom met for informal “fireside conversations” in an attempt to stabilize the currency turmoil.
Japan joined soon after, and in 1975 – with two of the early participants then becoming French President and German President – the meetings were transformed into gatherings of heads of state and government.
Canada and Italy quickly joined together and they became known as the Group of Seven.