The G7 is a shorthand by the Group of Seven, an organization of leaders from some of the world’s largest economies: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.
What does the G7 do?
G7 members gather every year for a summit to discuss pressing issues on the world stage and coordinate policy.
In a statement before the summit, British Prime Minister Boris Johnson said he would call on his G7 leaders at the summit to make concrete commitments to vaccinating the world, as well as to support Global Pandemic Radar, a new global system for surveillance designed to protect immunization programs.
What power does the G7 have?
The G7 is a key point of coordination and the group has made decisions of global importance.
US Treasury Secretary Janet Yellen said on Saturday that the agreement was a “significant, unprecedented commitment” from the world’s richest economies, aimed at preventing companies from tax evasion by shifting their profits abroad.
What is the history of the G7?
The meetings began as a “Library Group” founded in the 1970s by then-US Treasury Secretary George Schultz.
The finance ministers of the United States, France, Germany and the United Kingdom met for informal “talks” to try to stabilize currency turbulence.
Japan joined soon after, and in 1975 – with two of the original participants becoming then French president and German president – the meetings were turned into meetings of heads of state and government.
Canada and Italy soon joined and became known as the Group of Seven.