Global Monitor: The Group of Seven

In: New political economy, Band 13, Heft 1, S. 103-115

Abstract

This paper examines the nature & scope of activities of the Group of Seven (G7). The G7 is a process, not an institution. It has no "home," no secretariat, & no legal status; it is simply a regular cycle of informal meetings & interactions among representatives of the central banks & finance ministries of Canada, France, Germany, Italy, Japan, the UK, & the US. Yet despite this lack of tangibility, the G7 is considered by the global public (in particular, as represented by the major international nongovernmental organizations) & the academic community as a crucial agent of economic governance. The author examines the historical evolution of the G7 as a regularized multilateral process; the functions, power, & distinctive characteristics of the G7 process; & the implications of changes over time in the G7's agenda & activities for its global role & authority. It is argued that fundamental changes in the G7 are needed -- in its name, since it should evolve beyond country membership; but also in the range of its constituencies, which should extend to other than just financial institutions. Such major reforms, though unlikely, would be truly momentous. S. Stanton