Group of Seven (G-7)

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Derives from informal meetings of finance ministers arranged by Valéry Giscard d'Estaing of France and Helmut Schmidt of Germany in the early 1970s. When they became heads of government - respectively President of France and Chancellor of the Federal Republic of Germany - they decided to invite the heads of government of other "most industrialized countries" - Italy, Japan, United Kingdom and USA - to join the meetings, the first such being Nov 1975, Rambouillet (France).

At the level of finance ministers and central bank governors, replaced F-XF2680 - Group of Five (G-5) as main policy coordination group during 1986-1987, particularly following the Louvre Accord of Feb 1987, agreed by G-5 plus Canada, and subsequently endorsed by G-7. Since 1987, G-7 finance ministers and central bank governors meet at least biannually. Managing Director of F-XF2266 - International Monetary Fund (IMF) usually participates, by invitation. When Russia joined, Group became H-XF2036 - Group of Eight (G-8). On explusion of Russia, 2014, became Group of Seven again.


Monitor developments in the world economy; assess economic policies.


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UN Sustainable Development Goals **

GOAL 8: Decent Work and Economic Growth



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** UN SDGs are linked to the subject classification.

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