Group of Eight G-8: Overview, History, Criticisms

The forum is seen by many as an anachronism that, by failing to reflect the views of vast emerging economies such as India, Brazil, China, South Korea, and Mexico, some of which have surpassed G8 members in GDP, has rendered itself irrelevant. Neither Africa nor Latin America is represented in the body, and Brazilian president Lula da Silva said in 2009 that the G8 «doesn’t have any reason to exist.» «The opportunity for unscripted, unfiltered, unmediated conversation amongst the world leaders at summits is something that routinely is mentioned as absolutely essential for potential breakthroughs, true understanding, and meeting of minds,» Patrick says. In 1975, heads of governments became involved and they agreed to meet every year.

The Group of Eight (G8) was a group made up of Canada, France, Germany, Italy, Japan, Russia (suspended), the United Kingdom and the United States. The group has conferences or meetings throughout the year, it researches policies, and has a summit meeting once a year. While there are no formal criteria for membership, member states are expected to be democracies and have highly developed economies. The G8, unlike the United Nations, is not a formal institution, and there is no charter or secretariat. The presidency, a position responsible for planning ministerial meetings and the annual summit, rotates among the member states. The G8, or Group etoro review of Eight, is a slightly outdated name for the annual meeting of the top global economic powers.

Why’s it called G8 and who’s in it?

President Bill Clinton,[13] President Boris Yeltsin was invited first as a guest observer, later as a full participant. Russia formally joined the group in 1998, resulting in the Group of Eight, or G8. Though the G8 was set up as a forum for economic and trade matters, politics crept onto the agenda in the late 1970s. Recent summits have considered the developing world, global security, Middle East peace and reconstruction in Iraq. The insights of the developing nations proved critical during the economic crisis of 2008, which the G8 leaders were largely unprepared for. At the G20 meeting that year, the leaders pointed out the roots of the problem were largely due to a lack of regulation in the US.

Why do people protest at G8 summits?

The European Union is represented at the G8 by the president of the European Commission and by the leader of the country that holds the EU presidency. The G8’s roots lie in the oil crisis and global economic recession of the early 1970s. 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 until recently, Russia, meet periodically to address international economic and monetary issues.

Criticism of the G8

The G8 has clout in other world bodies because of the economic and political muscle of its members. In 1973, these challenges prompted the US to form the Library Group — an informal gathering of senior financial officials from Europe, Japan and the US. While the current G-7 holds significant sway, it is not an official, formal entity like the United Nations (UN) and therefore has no legislative or authoritative power. The goal is to find solutions to pressing issues and increase international cooperation, compiling recommended policies and plans that its members can work collaboratively to implement.

The G8 summit is an annual meeting between leaders from eight of the most powerful countries in the world. The Presidency of the G8 rotates each calendar year and the country holding the G8 Presidency is responsible for hosting and organising the annual summit, with a number of preparatory meetings leading up to it. Since 2009, summit talks have focused on finding a common approach to stabilising the world economy and stimulating growth in the face of continuing global financial upheaval.

This indicated a shift in power and possible lessening of the influence of the G8. The G-20 has the mandate to promote global economic growth, international trade, and regulation of financial markets. The origins of the group date back to the early 1970s, when leaders of the U.S., U.K., France, West Germany, Italy, and Japan met informally in Paris to discuss the then recession and oil crisis.

1. U.S. secretary of state John Kerry went a step further, saying that Russia «may not even remain in the G8 if this continues.»
2. In addition to the eight original industrialized countries of the G8, the G20 added Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Saudi Arabia, South Africa, South Korea, Turkey, and the European Union.
3. The six nations involved became known as the G6, and later the G7 and G8 after the respective entries of Canada (1976) and Russia (1998).
4. The G8, unlike the United Nations, is not a formal institution, and there is no charter or secretariat.

Russia held the G8 presidency for the first time in 2006 and will once again assume the presidency in 2014, with the summit set to be held in Sochi, a Black Sea resort city that was host to the 2014 Winter Olympics. On the second day of the summit, leaders gather for an informal talk without lots of officials or the media. In the past leaders have discussed issues such as peace in the Middle East, aid for the developing world and how to stop terrorism.

In recent years, some have questioned whether the G8 continues to be useful or relevant, especially since the formation of the G20. Despite the fact it has no actual authority, critics believe the powerful members of the G8 organization could do more to address global problems that affect third world countries. A lot of complaints in the past have centered around the exclusion of representatives from emerging and developing nations. Critics point out these economies play an increasingly important role in the global marketplace yet continue to be shunned by the old guard.

However, the wealth and power of the G8 members means they are often listened to by other countries. In 2013 David Cameron is president as the summit is being held in Northern Ireland, part of the UK. The aim is to try to tackle global problems by discussing big issues and planning what action to take. The G8 comprises seven of the world’s leading industrialised nations, and Russia.

«The G8 no longer accommodates the world’s biggest or most dynamic economies; the G8 no longer accounts for all the world’s nuclear weapons; the G8 doesn’t speak for any particular identity or values—with Russia in the fold, it’s hardly a champion of democracy,» Time’s Ishaan Tharoor wrote in 2011. He is among the critics who believe that, like the UN Security Council, the G8 reflects an outdated, Western-centric view of the global distribution of power. Recent summits have seen big protests and sometimes violence, meaning security is very high. The leaders of these countries take it in turns to be president of the G8, with the leader of the host country acting as hotforex broker the president that year. The leaders of the countries meet every year in a different member country.

As the foremost economic and political power in the G8, the US is regarded as the dominant member of the group, although this position is not formally enshrined. The presidency of the G8 rotates between the group’s member nations on an annual basis. G8 members can agree on policies and can set objectives, but compliance with these is voluntary.

The remaining members reverted back to the G7 name, and Russia officially withdrew from the group in 2017. Though it inititally included only four member countries (the US, UK, West Germany, and France), it quickly added Japan, Italy, and Canada and became the Group of Seven (G7) in 1976. By design, the G8 deliberately lacked an administrative structure like those for international organizations, such as the United Nations or the World Bank. The group does not have a permanent secretariat, or offices for its members. The eight countries that make up the G8 represent about 14% of the people in the world but produce over 65% of the world’s economic output measured by gross domestic product (GDP). Critics contend the G8 reflects an outdated, Western-centric view of the global distribution of power.