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G7 Started
Canada, France, Germany, Italy, Japan, United Kingdom, and the United Stated came together as the 7 biggest economies and had forum for the world's major industrialized countries to share macroeconomic initiatives. -
G8 Started
From the G7, the forum expanded to include Russia, furthing the group to 8. -
G7/G8 Colgne Summit
Held in Germany, this summit brought together the heads of the most rich industrialized countries and was intended as a venue for resolving differences among its members. As a practical matter, the summit was also conceived as an opportunity for its members to give each other mutual encouragement in the face of difficult economic decisions, (Reinalda). -
G20 is Formed
With an expansion to the G8, the G20 is formed to further include many other countries with developed industrialization. It was part of initiatives aimed at international coordination of economic policy, (University of Toronto, 2010). The main focus is governance of the global economy. -
Inaugural Summit of the G20
In Washington D.C, the first summit of the G20 met and focused dialogue on competition in financial markets, clean energy, economic development and fiscal elements of growth and development, as well as the economic crisis, (Smith). -
Second Summit- G20
In London, the 2nd Summit of the G20 goal was "to start the process of reform so as to manage globalization as a force for good in the medium term," (Great Britain Cabinet Office). -
Third G20 Summit
In Pittsburgh, the G20 met and decided that the group will become the new permanent council for international economic cooperation. This means that the much larger G20 meeting will essentially replace the smaller G8, which will continue to meet on major security issues but will carry reduced influence. This change helped include smaller developing nations and economies in this forum. -
2015 G20 Summit
In Istanbul, Turkey, the 2015 summit was held. "After the adoption of the UN Sustainable Development Goals and the Paris Climate Agreement in 2015, more "issues of global significance"[48][49] were added to the G20 agenda: migration, digitisation, employment, healthcare, the economic empowerment of women and development aid," (Firzli).