What is the G7?

What Is the G7? Annual summits of the G-7 are always a major international news item because it is such a powerful organization. The outcomes of such meetings affect almost every political and economic move around the world. But what is the G7 summit?
The G7 refers to the group of seven intergovernmental organizations of countries recognized as the most influential. They’re the 7 world's largest developed economies. Thus, the G7 actually means the Group of Seven countries namely Canada, Germany, France, Italy, Japan, the UK, and the US.
Before 2014, the Group was known as the G8, the Group of Eight, with the inclusion of Russia. However, when Russia trespassed by its annexation of Crimea, Russia lost its membership and the Group came to be known as the G7. The European Union (EU) is considered a de-facto member of the G7, making the eighth. The EU holds all the rights, privileges, and responsibilities of full members of the Group, save for its inability to chair or hold meetings.
The heads of government of these countries hold periodic meetings to address international economic, monetary, and in effect, political issues. The leader of the host country usually chairs such meetings, with the presidency of the group being on a rotating basis.
The G7 was established in 1973 at the instance of the finance ministers of France, West Germany, and the UK when they met to discuss the economic and political instability then rocking the world. The leaders of those countries, including Japan, started meeting for further discussions on global oil crises.

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Photos credit:
Casa Rosada, German Federal Archives, Italian G7 Presidency 2017

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