Topic: G-7 World Finance Meeting Katrina Jones

Summary

Financial ministers from the world's seven richest countries, known as the Group of Seven (G7), gathered in Washington for annual meetings of the World Bank and International Monetary Fund (IMF) on October 3, 1998. Russian Finance Minister Mikhail Zadornov and Central Bank Chairman Viktor Gerashchenko joined the G7 for part of the meeting. The G7 group focused on dealing with the global financial crisis by generating growth in the industrial nations, especially Japan, and on ideals for remodeling the architecture of the international financial system to deal more effectively with crises that arise in the future. The G7 did issue a statement after the meeting although no new initiatives were agreed upon.

Further meetings with financial ministers of 182 also took place between October 3 and October 7. Many new ideas were born although no strategy to lift the global market out of their downward spiral was mapped out.

On October 30, 1998, the G7 endorsed a proposal by president Clinton that would allow the International Monetary Fund to speed emergency loans to countries facing the threat of investor panic.

Who is in the G-7?

The Group of Seven (or G7 for short) nations are:

Britain
France
Unites States
Canada
Japan
Italy
Germany

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