The Group of Seven (G7) is an informal bloc of industrialized democracies that functions as an intergovernmental political and economic forum, not a formal institution with a charter or secretariat. Its current members are the United States, Canada, France, Germany, Italy, Japan, and the United Kingdom, with the European Union (EU) participating fully as a "non-enumerated" member.
The G7 originated from an ad hoc gathering of finance ministers in 1973 and was established to address pressing economic concerns, including the 1973 energy crisis and the collapse of the Bretton Woods fixed exchange rate system. The first Summit of Heads of State and Government was held in 1975 in Rambouillet, France, initially as the Group of Six (G6). Canada joined in 1976, establishing the G7.
The mechanism of the G7 involves an annually rotating presidency, with the host country setting the agenda for the year's summit. Leaders' personal representatives, known as sherpas, prepare the groundwork for discussions, and ministerial meetings precede the annual gathering of heads of state. Since the G7 is an informal bloc, the declarations made by the leaders are not legally binding.
The G7 is closely connected to the G8 and the G20. The group became the G8 when Russia joined in 1998. The most significant recent change occurred in 2014, when Russia was suspended following its annexation of Ukraine's Crimea region, effectively dissolving the G8 and returning the group to the G7 format. The G7 also helped launch the G20 in 1999 to include major industrial and emerging market countries, such as India. The G20 has since risen in prominence, with some analysts arguing its status as the premier forum for international economic cooperation has surpassed that of the G7.