my experience |
| Posted: 05 Mar 2012 09:15 PM PST The concept of a forum for countries of the world's major industrial democracies emerged following the 1973 oil crisis. In 1974, a series of meetings in the library of the White House in Washington, DC known as the "Library Group" This is an informal meeting of senior financial officials from the United States, Britain, West Germany, Japan and France in 1975, French President Valery Giscard d'Estaing invited the heads of government of West Germany, Italy, Japan, Britain and the United States for a summit at the Château de Rambouillet .. The six leaders agreed to hold annual meeting held under the rotating presidency, forming the Group of Six (G6). The following year, Canada joined the group at the behest of German Chancellor Helmut Schmidt and U.S. President Gerald Ford and the group became the Group of Seven (G7). The EU was represented by the President of the European Commission and the leaders of the country which holds the Presidency of the EU Council. European Commission President has been attending all the meetings since it was first invited by the United Kingdom in 1977 and President of the Council are now also regularly attend. After the G7 summit in Naples in 1994, Russian officials held separate meetings with the G7 leaders after the summit. This informal arrangement called the Political 8 (P8) - or, colloquially, the G7 +1. At the invitation of British Prime Minister Tony Blair and U.S. President Bill Clinton, Russia formally joined the group in 1997, so that the Group of Eight, or G8. 
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