World economic summit
World economic summits have been held annually since 1975. They were brought into being by Valéry Giscard d'Estaing and Helmut Schmidt .
The first meeting from November 15 to 17, 1975 at Rambouillet Castle was attended by the heads of state and government from Germany , France , Italy , Japan , Great Britain and the USA . The aim was an in-depth and productive exchange of ideas about the world economic situation, the common economic problems and their human, social and political implications and about plans for their solution.
Since the admission of Canada in 1976, the summits have also been called the G7 , or after Russia admitted to the G8 in 1998 . However, Russia is still excluded from the financial and currency consultations. Topics of the first world economic summit were the pressing economic problems of the 1970s, like the
- Collapse of the exchange rate regime of Bretton Woods and
- the effects of the first major oil crisis .
The initial questions of economic policy were soon joined by foreign policy issues. The main topics today are global economic, development and currency policy. In addition, u. a. discussed the following global political issues: terrorism , drug and arms trafficking , organized crime , energy policy, armed conflicts, environmental protection , unemployment , debt crisis .
On March 25, 2014, the other members excluded Russia due to the annexation of Crimea and reverted to the G7 format.