G7/G8/G20

Question 1

What is G7/8 and when was it founded?

Answer 1

An informal forum founded in 1975

Question 2

Members of G7/8

Answer 2

Six wealthiest economies - France, Italy, UK, USA, Japan and West Germany

Question 3

What happened with Russia?

Answer 3

Joined in 1997 and was temporarily suspended in 2014 due to the annexation of Crimea

Question 4

When do they meet?

Answer 4

Annually

Question 5

Aims

Answer 5

No defined aims

Question 6

Arguments for reform

Answer 6

Membership is outdated and not reflective of current society

Flexibility and informal approach makes it difficult to achieve

Question 7

Strengths

Answer 7

Little impact on state sovereignty
Allows members to focus on any issue due to informality
Small membership prevents gridlock

Question 8

Weaknesses

Answer 8

Meets less frequently and so action is less frequent
Forum for like-minded allies
No longer reflects wealthiest
Little accountability

Question 9

When was G20 founded?

Answer 9

1999

Question 10

Why was it created?

Answer 10

To expand G7/8 to include a wider group of industrialised states and emerging economic powers

Question 11

Aims of G20

Answer 11

Global forum which promotes open and constructive discussion between industrial and emerging market countries on key issues relating to economic stability

Question 12

Strengths

Answer 12

More significant body

Help from developing states due to 2008 financial crises

Question 13

Weaknesses

Answer 13

Failure to agree on climate change at recent summit
Not all members are richest countries in the world
Has a lack of transparency and accountability
No formal charter
Most important issues held behind closed doors