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G-7/G-8 Summits: History and Purpose Fact Sheet released by the Bureau of European and Canadian Affairs, U.S. Department of State, April 30, 1998

The Group of Eight summit process traces its origins to March 25, 1973, when George Shultz, at that time the U.S. Secretary of the Treasury, invited the finance ministers of France, the United Kingdom, and Germany to an informal discussion in the library of the White House. The four discussed the international monetary situation and agreed to pursue further discussions and invite the Japanese to participate as well. The press at this time dubbed the finance ministers' get-togethers as "Group of Five," or "G-5" meetings.

In 1974, when two of the original four finance ministers -- France's Valery Giscard d'Estaing and Germany's Helmut Schmidt -- became heads of their respective governments, they sought to upgrade these informal meetings from the ministerial to head-of-state level. The eventual result was the first summit at Chateau de Rambouillet, France, November 15-17, 1975. One focus was achieving a workable international monetary system following the demise of the fixed-rate Bretton Woods system in 1973. The leaders of France, Germany, Italy, Japan, United Kingdom, and the United States attended. Canada joined the following year.

Since then, the heads of state or government have met annually to address the major economic and political issues facing their nations and the international community. The annual summit provides an important occasion for leaders to discuss major international issues and to respond effectively to potential threats to the international system. The leaders also give direction to the international community by setting priorities, forging common policies, or establishing patterns of cooperation on transnational challenges and providing guidance to established international organizations.

Past summits have addressed macroeconomic management, international trade, international institutions, and relations with developing countries. The summit agenda has broadened considerably to include microeconomic issues such as employment and the information highway; global issues such as the environment, crime, and drugs; and a host of political issues ranging from human rights to regional security to arms control.

With the end of the Cold War, Russia began to attend a portion of the summit. Last year's Denver Summit marked a further development with Russian participation in most of the discussions, reflecting its critical role in addressing important global and political challenges. This trend will continue this year with Russia's participation in the Birmingham Summit.

The summit process is more than a once-a-year event. Throughout the year, the finance and foreign ministers as well as various experts meet to help manage the broad range of issues discussed.

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