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This Article is From Jul 07, 2009

What is the Group of Eight?

What is the Group of Eight?
AFP image
L'Aquila, Italy:

Facts about the Group of Eight, which holds its annual summit starting on Wednesday in L'Aquila, Italy:

The original G-6 met in 1975, when French President Valery Giscard d'Estaing invited the leaders of the United States, Britain, Germany, Italy and Japan to a chateau outside Paris to discuss inflation, energy and exchange rates amid a recession. Canada joined in 1976 and Russia in 1998.

A predecessor, the so-called Library Group of finance ministers from the US, Britain, France and Germany, met quietly in the White House library in 1973. That low-key atmosphere has given way to a series of ministerial gatherings leading up to a summit held behind massive security with 3,500 journalists present.

Five emerging economies -- Brazil, China, India, Mexico and South Africa -- are participating in a limited way but are not yet allowed in as full-fledged members. This year's host Italy added Egypt to have a prominent Muslim nation represented.

The Group of Eight has no headquarters or bureaucracy to implement its decisions. Leaders can use it as a forum to talk about whatever they decide is important. Compliance with its decisions and promises is voluntary on the part of governments.

Some say the Group of 20 is now the place for big questions. It includes the G-8 plus key developing economies such as China, Brazil and India as well as oil supplier Saudi Arabia.

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