From: frank theriault
On Tue, Mar 24, 2009 at 9:03 PM, Bob W <[email protected]> wrote:
> There's a G20 summit coming up in London next week,
G20? Kripes. It used to be G7. Okay, I think it used to be G6, but
our then PM Mulroney was real cozy with Reagan and we got in to make
it G7. Quite a feather in our cap, considering we had nowhere near
the power and wealth of the 6 other countries. But there we were, in
the ever-so-exclusive G7! We felt pride, we felt all tingly and fuzzy
inside - either that or it was a bit of bad sushi, one can't be
sure...
Well, now that it's up to 20 it seems like pretty much anyone can get
in. Oh well, it was nice while it lasted.
The G8 (G7 + Russia) is an annual meeting of heads of government of
Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and
the United States.
Started with just United States, United Kingdom, Japan and West Germany
in 1974. France invited itself and Italy to join in 1975. Canada joined
in 1976 at the invitation of Germany's chancellor Helmut Schmidt and
U.S. President Gerald Ford. The President of the European Commission
(i.e. European Union) attends as well since 1977. In 1997 Russia was
invited to join, making it the G8.
G20 is a larger club at the finance minister/central bank level. "A
forum for cooperation and consultation on matters pertaining to the
international financial system."
The G20 includes finance ministers & central bankers from the G7, 14
other countries, the EU presidency, the EU Central Bank, Managing
Director of the International Monetary Fund, the President of the World
Bank.
It's supposed to be the top 20 economies in the world, but it ain't.
Politics keep Iran and Taiwan out and politics puts Saudi Arabia,
Argentina and South Africa in. Thailand is out even though Thailand's
economy would rank it ahead of South Africa.
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