How is the G-8 different from the G-20 and the G-7?
The G-20, formally created in 1999, brings together finance ministers and bank governors from the G-8 industrialized countries — as well as emerging-market countries. Together, the Group of 20 account for more than 90 per cent of the world’s economic output. The G7 meetings involve finance ministers from all the G-8 countries, minus Russia, which is not considered a major economic power. The group tries to develop unified positions on international currency and financial systems.
