ELMAU, Germany — In 1975, leaders of the world’s rich democracies collected to offer with an energy crisis stimulated by a war and widespread inflation. Those exactsame aching points are bedeviling their followers representing 46% of the international economy at this week’s Group of Seven top, with high customer and energy rates threatening to trigger economiccrises in the U.S. and Europe.
Here are secret truths about the Group of Seven:
WHAT IS THE GROUP OF SEVEN?
It’s a group of rich democracies with big, innovative economies and high requirements of living. Annual tops offer leaders a opportunity to hash out typical approaches on quite much anything they desire to talk about.
The veryfirst tops in the 1970s were assembled to offer with the veryfirst post-World War II economicdownturn, and focused on financial stimulus and exchange rates. Economic policy still tends to be front and . Energy, terrorism, the Cold War and the environment haveactually been significant styles throughout the group’s history.
The members are: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. European Union authorities likewise goto.
WHO STARTED THIS?
In 1975, French President Valery Giscard D’Estaing officially assembled what was then a Group of Six outdoors Paris. The function: to offer with a economicdownturn accompanied by high joblessness and inflation in the wake of the Arab oil embargo versus the U.S. and other nations for supporting Israel throughout the 1973 Arab-Israeli war. Canada was welcomed the next year.
HOW DO THE G-7 GET THINGS DONE?
Their yearly conferences deal leaders a opportunity to size each other up and workout