The G7 is an informal group chaired on a rotating basis by its members; it is structured into a “Sherpa” function and political and financial sub-functions (or “sous-sherpas”). The Banque de France participates in the latter.
The G7 is an informal discussion group that brings together ministers, central bankers and Heads of State from the main industrialised economies. The G7 countries represent 10% of the world's population and 46% of global nominal GDP (compared to 13% of the world's population and 62% of global nominal GDP in 1980). The G7 is a flexible forum for discussing topics of interest common to participating states as well as less consensual issues, and, like the G20, does not have a permanent secretariat or a legal status.
The G7 presidency is held by one of the member countries in the following order: France, the United States, the United Kingdom, Russia (temporarily excluded), Germany, Japan, Italy, and Canada. The president country may decide to invite certain countries and/or international organisations to summits. For example, the Italian presidency invited five countries from Africa to the Taormina Summit in 2017: Niger, Ethiopia, Kenya, Nigeria and Tunisia.
Country holding the G7 presidency
7-8 June, Krün
26-27 May, Ise-Shima
26-27 May, Taormina
8-9 June, Charlevoix
24-26 August, Biarritz
The European Union is permanently represented in the G7 at the Sherpa and finance sous-sherpa level; the IMF also participates in finance meetings. The annual Leaders’ Summit (Heads of State and Government) results in the drafting and publication of a communiqué.
The G7 consists of Sherpas (agriculture, environment, employment, health, etc.), political sous-sherpas (foreign affairs), and finance sous-sherpas (economic and financial issues). The Banque de France participates in the "finance" meetings, set up in 1986 and devoted to a variety of economic topics. The purpose of these meetings is to provide an opportunity for an exchange of views and political discussions between finance ministers and governors on the state of the world economy and the international financial system, as well as on various topical issues chosen by the president country, for which dialogue in small committees may be useful. Meetings of finance ministers and central bank governors are prepared by meetings of their alternates. They contribute to the annual summit of Heads of State and Government, which is the culmination of the working year. Working groups or expert groups help to prepare the alternates' meetings in order to provide input for their discussions on certain points.
Updated on: 03/19/2019 15:26