With all this talk in the news of the upcoming summits, what exactly ARE the differences between the G-20? G-8? G-7? FOX Fan clears it up for you!

The Group of Twenty (G-20)

Formerly known as the G7

The G-20 was a forum created as a response to economic and financial changes taking place during the late 1990s. Initially, economic issues were discussed in the G-7 meetings, but due to the emergence of developing economies, a rising financial crisis and a new world economy, a larger group was deemed necessary. So in 1999, the G-20 was created. Note: The G-20 can also refer to the 20 countries that attend the meeting.

G-20 summits are held once or twice every year. At the summit, each country’s top finance ministers and Central Bank Governors are brought together to discuss and form policies on the issues facing the world economy.

The G-20 is famous for creating standards and policies for minimizing financial abuses, dealing with financial crisis, and putting a stop to terrorist financing practices.

The following countries belong to the G-20:

  • Argentina
  • Australia
  • Brazil
  • Canada
  • China
  • European Union
  • France
  • Germany
  • India
  • Indonesia
  • Italy
  • Japan
  • Mexico
  • Russia
  • Saudi Arabia
  • South Africa
  • South Korea
  • Turkey
  • United Kingdom
  • United States of America

For more on the G-20, check out their website at http://www.g20.org/

The Group of Eight (G-8)

Also known as G-7 summit and formerly known as the G-6.

The G-8 is a yearly meeting of the eight nations in the Northern Hemisphere with the largest gross domestic products. In addition, the G-8 has come to include the European Union. Since 1975, thirty five G-8 summits have been held.

At the yearly meeting, the reigning leader of each country comes together in a forum to discuss and create policy around a number of issues including energy, poverty, politics, and economics.

Protests occur often because of the high profile nature of the G-8 summit where 8 of the top world leaders come together in one location.

The G-8 countries are:

· Canada

· European Union

· France

· Germany

· Italy

· Japan

· Russia

· United Kingdom

· United States

For more on the G-8, check out the website from the 2009 meeting: http://www.g8italia2009.it/

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