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The G7 is an intergovernmental political forum of seven countries: Canada, France, Germany, Italy, Japan, the United Kingdom and the United States. The European Union is also a ‘non-enumerated member’ or a de-facto eighth member that holds all the rights and responsibilities of full members except to chair or host meetings. The G7 members are the world’s largest IMF advanced economies and liberal democracies that share values of pluralism and representative government. The group meets periodically, mainly to discuss economic and monetary issues, but also political issues at times. The G7 was founded in 1976 after the 1973 OPEC oil embargo as a forum for the richest nations to address crises affecting the world economy.
The G7 is made up of the United States, Britain, Canada, France, Germany, Italy and Japan. Representatives from the European Union also attend.
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