The Group of Seven (G-7) is an intergovernmental organization made up of some of the world’s largest developed economies France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada. Government leaders of these countries meet periodically to address international economic and monetary issues, with each member taking over the presidency on a rotating basis.
The G-7 was, for a while, known as the Group of Eight (G-8), until 2014 when former member Russia was removed after annexing the region of Crimea illegally from Ukraine.
The G-7 is not an official, formal entity and, therefore, has no legislative or authoritative power to enforce the recommended policies and plans it compiles.
The origins of the group date back to the early 1970s, when leaders of the U.S., U.K., France, West Germany, and Japan met informally in Paris to discuss the then recession and oil crisis. That, in turn, inspired French President Valéry Giscard d’Estaing to invite the leaders of those countries, plus Italy, to Rambouillet in 1975 for further discussions on global oil, this time with the country’s leaders joining the finance ministers; an attendance roster that has endured. The next year, Canada was invited to join the group.
G-7 Vs G-20
The G-20’s ranks include all members of the Group of Seven (G-7) as well as plus 12 additional countries and the EU. This is constituted because absence of a forum about international financial matters that included those emerging economies became more glaring in G-7.
The former member of G-8 Russia is part of G-20. The following are members of G-20 – Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, The United Kingdom, The United States, and the European Union.