The Group of Ten (G-10) is one of five "group of" groups, not to be confused with the Groups of 7, 8, 20, or 24. Each of these consists of a group with similar economic interests. The G10 consists of eleven industrialized nations that meet on an annual basis or more frequently, as necessary, to consult each other, debate and cooperate on international financial matters. The member countries are Belgium, Canada, France, Germany Italy Japan the Netherlands Sweden Switzerland the United Kingdom and the United States with Switzerland playing a minor role.The G10 was formed in 1962 as a result of discussions between European nations about how to better coordinate their economies following the collapse of Bretton Woods Agreement earlier that year. The goal was to create a forum where policymakers could come together and discuss issues such as exchange rates monetary policy interest rates and inflation in order to avoid another global economic meltdown like what had happened in 1960s.In addition to coordinating their economies members also agreed upon certain rules regarding currencies which became known as Basel Accords I-III These accords were designed prevent large banks from becoming too big too fail by requiring them maintain higher levels equity capital reserves As time went on membership grew beyond Europe first adding Japan then later Canada and Australia In 1995 Mexico joined bringing the total number member countries up 11 Today membership remains open any country that meets criteria set out by G 10 can become full member although few have done so over past decade due To evolving nature global economy regular meetings now supplemented by conference calls video conferences online chats emails etc Between face meetings members often communicate through various channels including private sector working groups which allow for greater transparency than traditional diplomacy allows.
