Synopsis

On
G8: too much power?

Submitted to: Submitted by:

Ms. Shweta Miglani Kamaldeep Singh Sandhu

Prabhjot Kaur

Tanveer Nawaz

Tejinder Singh Kalsi

G8

The concept of a forum for the world's major industrialized democracies emerged following the
1973 oil crisis. In 1974, a series of meetings in the library of the White House in Washington,
D.C. was known as the "Library Group". This was an informal gathering of senior financial
officials from the United States, the United Kingdom, West Germany, Japan and France. In
1975, French President Valéry Giscard d'Estaing invited the heads of government from West
Germany, Italy, Japan, the United Kingdom and the United States to a summit in Château de
Rambouillet. The six leaders agreed to an annual meeting organized under a rotating presidency,
forming the Group of Six (G6). The following year, Canada joined the group at the behest of
Germany's Chancellor Helmut Schmidt and U.S. President Gerald Ford and the group became
the Group of Seven (G7). The European Union is represented by the President of the European
Commission and the leader of the country that holds the Presidency of the Council of the
European Union. The President of the European Commission has attended all meetings since it
was first invited by the United Kingdom in 1977 and the Council President now also regularly
attends.

Description: Dark green countries which belong to the Group of Eight. Light green countries
which do not belong to the Group of Eight, but are represented by the European Union.
The G8 is made up of the seven most powerful economies of the world, (United States, Japan,
Germany, France, UK, Canada, and Italy) and Russia.

Together they form a very powerful and influential (though informal) group of nations. For
example, they accounting for almost 50% of the votes at the IMF and World Bank.

Country World Bank Voting Share (%) IMF Voting Share (%)
United States 16.38 16.77
UK 4.3 4.86
Russia 2.78 2.69
Japan 7.86 6.02
Italy 2.78 3.19
Germany 4.49 5.88
France 4.3 4.86
Canada 2.78 2.89
Total 45.67 47.16
Sources:
IBRD, World Bank, June 30, 2008
IMF Members' Quotas and Voting Power, and IMF Board of Governors, IMF, August 6, 2008

Annual G8 summits often involve discussions on how to deal with the world’s (or their) most
pressing concerns. As such it also attracts a lot of protesters, campaigners, and increasingly
mainstream media.

G8: Too Much Power?

4 articles on “G8: Too Much Power?” and 3 related issues:

1. G8 Summits: Empty promises each year

The G8 is made up of the seven most powerful economies of the world, (United States, Japan,
Germany, France, UK, Canada, and Italy) and Russia. Together they form a very powerful and
influential (though informal) group of nations. For example, they accounting for almost 50% of
the votes at the IMF and World Bank. At their annual summits they attract a lot of criticism,
increasingly now in the mainstream, for failing the world’s poor. This section introduces the G8
with an overview of recent summits and their outcomes.
 2. G8 Summit 2007
The 2007 Summit has gained some media attention in its buildup, but issues around climate
change, similar to the efforts seen in 2005 to water down draft texts, have surfaced again.
Protesters are gathering, and while mostly peaceful a handful have clashed with police. Issues
such as the excessive farm subsidies of the rich nations seem less likely to get discussed, even
though it is crucial for many poor countries.

3. G8 Summit 2005—One Year On

One year on from the G8 Summit of 2005 that seemed to promise so much, what has been the
status? It seems that some progress was certainly made. For example, significant debt
cancellation has allowed some countries to offer enhanced or even free health services to all.
Yet, there are still many concerns. The fancy accounting and spin used by some countries to
paint a positive picture or give the impression that more assistance has been delivered than what
actually has risks discrediting the process, impacting the poor once more. This short article
explores some of these concerns.

4. G8 Summit 2005
The G8 Summit in July 2005 looked to be historic because of promised debt relief for some poor
countries in Africa as well as action on climate change. But behind the media and government
spin, was this really the case? Climate change was also under discussion, but leaked drafts
revealed an extremely watered down text suggesting limited or no responsibility on rich
countries to take leadership, and even questions around the science of climate change.

1. Trade, Economy, & Related Issues

2. Third World Debt Undermines Development
3. Sustainable Development