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The Analyst Magazine:
G8 Summit : Photo Op
 
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The G8 Summit in L'Aquila is a classic case of symbolism triumphing over substance.


That was understandable, for the summit in L'Aquila was billed as `unique' by the Italian Prime Minister Berlusconi—unique in terms of the number of countries that attended the summit this time. Not that G8 was in a hurry to add a few more to the existing eight. The group originally began as G6, comprising the world's major industrialized democracies—the US, the UK, West Germany, Japan, France, and Italy—which came together in Rambouillet, in 1975, to form Group of 6 or G6, in the wake of the 1973 oil crisis and its aftermath. Canada joined the group the following year, making it G7. And then, in 1994, Russia was allowed to hold separate meetings with the G7 leaders after the annual summit. This informal arrangement was called G7+1, which continued till 1997 when Russia formally joined the group, making it G8.

An annual affair among the elite group of nations, what was special about the G8 Summit in July this year was the adoption of an `expanded format' to provide for more informal meetings between G8 and a few other emerging nations. Accordingly, after the meetings of the G8 member-nations on the first day of the summit on July 8, the members were joined by G5 countries (comprising Brazil, China, India, Mexico, and South Africa) plus Egypt (invited specially for the occasion by the Italian government) and by three more countries (Australia, Indonesia, and South Korea) representing the Major Economies Forum (MEF) on the second day, and by some more countries on the third day, including a few African countries, taking the number of participating countries to 39, which together represent 90% of world's economy, to discuss such diverse topics as climate changes, food security, non-proliferation, and counter-terrorism, besides the current global economic crisis. Other invitees to the summit included important international organizations such as UN, IMF, World Bank, and WTO .

 
 

 

The Analyst Magazine, Global Economy, Global Credit Quake, Major Economies Forum, MEF, Global Economic Crisis, International Organizations, Financial Markets, International Financial Institutions, IFIs, Heiligendamm Dialogue Process, HDP, International Economic Crisis, Credit Crisis.