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Understanding the Groups: G7, G8, G10, G15, G20, G24 countries

Understanding the Groups: G7, G8, G10, G15, G20, G24 countries

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Published by George Lekatis
Understanding the Groups: G7, G8, G10, G15, G20, G24 countries.

International Association of Risk and Compliance Professionals (IARCP)
http://www.risk-compliance-association.com

Every Monday
Top 10 risk and compliance management related news stories and world events
Do you want to receive (at not cost) every Monday the Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?
You can register at:
http://www.risk-compliance-association.com/Top_10_Risk_Compliance_Management_Stories_Events.html

Receive the New Member Orientation Newsletters
You will have the opportunity to learn (at not cost) what members registered before you have already learned. Understand better risk and compliance management, projects, careers, challenges and opportunities.
You can register at:
http://www.risk-compliance-association.com/New_Member_Orientation_Newsletters.html
Understanding the Groups: G7, G8, G10, G15, G20, G24 countries.

International Association of Risk and Compliance Professionals (IARCP)
http://www.risk-compliance-association.com

Every Monday
Top 10 risk and compliance management related news stories and world events
Do you want to receive (at not cost) every Monday the Top 10 risk and compliance management related news stories and world events that (for better or for worse) shaped the week's agenda, and what is next?
You can register at:
http://www.risk-compliance-association.com/Top_10_Risk_Compliance_Management_Stories_Events.html

Receive the New Member Orientation Newsletters
You will have the opportunity to learn (at not cost) what members registered before you have already learned. Understand better risk and compliance management, projects, careers, challenges and opportunities.
You can register at:
http://www.risk-compliance-association.com/New_Member_Orientation_Newsletters.html

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Categories:Types, Research
Published by: George Lekatis on Mar 05, 2011
Copyright:Attribution Non-commercial

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07/29/2014

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_____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP)www.risk-compliance-association.com
International Association of Risk and ComplianceProfessionals (IARCP)
1200 G Street NW Suite 800 Washington, DC 20005-6705 USA Tel: 202-449-9750 www.risk-compliance-association.com
 
- Understanding the Groups: G7, G8, G10, G15, G20, G24
Dear Members,
 
Today we will discuss the groups of countries: G7, G8, G10, G15, G20 G27etc. These groups arebehind the laws and regulations in risk andcompliance management,and develop the principles for all the standardsand frameworks.
International Monetary Fund Factsheet
Group of Seven
The Group of Seven (G-7) major industrial countries began to hold annualeconomic summits (meetings at the level of head of state or government)in 1975.At the level of finance minister and central bank governor, the G-7superseded the G-5 as the main policy coordination group during1986
– 
1987, particularly following the Louvre Accord of February 1987,which was agreed by the G-5 plus Canada and subsequently endorsed bythe G-7.Since 1987, the G-7 finance ministers and central bank governors havemet at least semi-annually to monitor developments in the worldeconomy and assess economic policies.The Managing Director of the IMF usually participates, by invitation, inthe surveillance discussions of the G-7 finance ministers and central bank governors.
 
_____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP)www.risk-compliance-association.com
Although Russia has joined the group, thereby forming the Group of Eight (see below), the G-7 continues to function as a forum for discussionof economic and financial issues among the major industrial countries.G-7 MembersCanadaJapanFranceUnited KingdomGermanyUnited StatesItaly
Group of Eight
The Group of Eight (G-8) was conceived when Russia first participated inpart of the 1994 Naples Summit of the G-7.Again in 1997, Russia joined, for political discussions, the Denver Summitafter the conclusion of the G-7 economic summit.At the 1998 Birmingham Summit,Russia joined as full participant,whichmarked the establishment of the Group of Eight, which convenes annualsummits of the heads of state or government of the major industrialcountries to discuss the major economic and political issues on theiragenda.G-8 MembersCanadaJapanFranceRussia
 
_____________________________________________________________ International Association of Risk and Compliance Professionals (IARCP)www.risk-compliance-association.com
GermanyUnited KingdomItalyUnited States
Group of Ten
The Group of Ten (G-10) refers to the group of countries that have agreedto participate in theGeneral Arrangements to Borrow (GAB),a
supplementary borrowing arrangement that can be invoked if the IMF’sresources are estimated to be below member’s needs.
The GAB was established in 1962, when the governments of eight IMFmembers
 
Belgium, Canada, France, Italy, Japan, the Netherlands, theUnited Kingdom, and the United States
 
and the central banks of twoothers, Germany and Sweden, agreed to make resources available to theIMF for drawings by participants, and, under certain circumstances, fordrawings by nonparticipants.The GAB was strengthened in 1964 by the association of Switzerland,then a nonmember of the Fund, but the name of the G-10 remained thesame.Following its inception, the G-10 broadened its engagement with theFund, including issuing reports that culminated in the creation of theSpecial Drawing Right (SDR) in 1969.The G-10 was also the forum for discussions that led to the December 1971Smithsonian Agreement following thecollapse of the Bretton Woodssystem.Thefollowing international organizations are official observers of theactivities of the G-10:The Bank for International Settlements (BIS),

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