Group of 7
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Related to Group of 7: Group of 8
Group of Seven
Also called G-7. An informal group composed of the United States, Japan, Germany, the United Kingdom, France, Italy, and Canada (listed by nominal GDP). The G-7 represents the world's leading industrial democracies. Their finance ministers/secretaries meet annually to discuss economic cooperation and other matters. The G-7 does not have a permanent secretariat, but rather gives an informal forum for leaders to meet and discuss ideas.
Group of 7 (G7)a group of seven major countries which in the late 1980s committed themselves to promote stable EXCHANGE RATES between their currencies in order to strengthen the world economy at a time when FLOATING EXCHANGE RATE SYSTEMS were threatening to undermine world economic recovery. The finance ministers and central bank governors of the US, Japan, Germany, France, UK, Italy and Canada meet regularly to discuss financial issues affecting their economies and occasionally they act in concert to intervene in the foreign exchange market to assist a particular currency.
On some issues they convene as the ‘G8’ (G7plus Russia).