The Group of Eight (G-8) was an assembly of the world's largest developed economies that have established a position as pacesetters for the industrialized world. Leaders of member countries, the United States, the United Kingdom (U.K.), Canada, Germany, Japan, Italy, France and Russia met periodically to address international economic and monetary issues. The group lost its Russian member in 2014 when Russia annexed Crimea from Ukraine.The G-8 was created in 1975 as a response to global inflation and energy crises. The group aimed to promote free market policies and liberalize international trade. In addition to discussing economic issues, members also collaborated on important global initiatives such as combating climate change and fighting terrorism..Despite their differences in opinion on various matters over the years - most notably Iraq - G-8 leaders have been able to come together around important topics like global recessionary pressures and Brexit negotiations in recent times due largely to their shared commitment to open markets and free trade.
