The Group of Seven (G-7) is an intergovernmental organization made up of the world's largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom and Canada. The group came into existence in the early 20th century and was originally known as the "Big 7", but it has been expanded to include other major economies since then. The organization's main purpose is to focus on common economic issues that may pose a threat to global stability and growth. This can be achieved through various means including discussion, decision making and joint commitments with member states.The G-7 is a group of 7 nations. It was formed in 1981 as a response to Europe's economic downturns and what happened in the 1970s with the collapse of the Bretton Woods deals. The idea behind the G-7 is that it is a forum for discussion and cooperation among industrialized countries who share similar economies, policies and historical experiences.The Group of Seven (G-7) may have seen its best days, but it is still a persistent and formidable organization in the international economic arena. The G-7 has been referred to as “the most powerful club in the world”. It has influence over global finance and has advanced its own agenda on such important issues as taxes, trade barriers and financial regulation. In addition, it seeks to foster cooperation between countries on these issues through regular meetings and dialogues.It's no secret that the world's largest economies — known as the 'Group of Eight' — have a mighty hand in setting many economic trends. The G-7 is responsible for setting averages and global goals on everything from security issues to climate concerns. And while people may argue over whether or not the G-7 has been effective, there's no denying their ability to impact both domestic and international economies.
