G7 now mulls smaller group


The official, speaking on condition of anonymity, said Washington wanted to see the G7 supplanted in global economic policymaking by a Group of Four that would bring the United States, Europe and Japan together with China. The official was speaking ahead of a meeting of G7 finance ministers and central bankers in Istanbul later on Saturday. The G7 is gathering on the sidelines of the semiannual meetings of the International Monetary Fund and World Bank.

Any formal move to supplant the G7, which comprises Britain, Canada, France, Germany, Italy, Japan and the United States, would likely be diplomatically complex and controversial.
But the group’s role has appeared in doubt since a larger group of nations, the G20, earlier this year became the main forum for debating the financial crisis. The G20 has agreed in principle to tighten financial regulation and try to reduce trade imbalances that destabilise the global economy.

Liked the story?

  • 0

    Happy
  • 0

    Amused
  • 0

    Sad
  • 0

    Frustrated
  • 0

    Angry