The G7 summit meeting originally came about as a response to the oil crisis in the 1970s and has risen to become one of the most important meetings in world politics. In the meantime, however, it can no longer solve global problems on its own.
In 1975, the oil crisis and the collapse of the fixed exchange rate system brought the heads of state and government of six leading economic powers together around the fireplace at Rambouillet Castle near Paris. It was the birth of the group of great industrial nations, which at that time included the USA, Japan, Germany, France, Great Britain and Italy. A year later, Canada joined. The G7 was born.
After the collapse of the Soviet Union, Russia was also invited to the summits from the mid-1990s. In 2002 Moscow became a full member – and the G7 became the G8. However, after the annexation of Crimea in 2014, Russia was again excluded.
China and India are not included
The G7 summits of heads of state and government take place annually – always in the country that takes over the rotating presidency for one year. Germany is leading the Club of Industrialized Countries this year under the motto “Progress for a just world”.
In the meantime, however, not all G7 countries are leading economic powers, because former emerging countries such as China and India have long had more economic weight than Italy or Canada.