The global economy changed dramatically during the 1970s. Markets were rocked by the first oil crisis, while growing global trade revealed ever greater flaws in the fixed exchange-rate system. For this reason, the Heads of State and Government of France, Germany, Italy, Japan, the United Kingdom and the United States met at the first “world economic summit” in Château de Rambouillet in France in 1975. With Canada’s participation the following year, the Group of Seven was complete. The European Union has also taken part in the annual summits since 1977. Russia was part of the group (G8) from 1998 until its illegal annexation of Crimea in 2014.

That said, the G7 provides a forum for informal – and thus very frank – exchange on current challenges. The economically strong democracies in the group are linked by shared values and in many cases can highlight a clear standpoint, not least for the public, for instance on acute foreign and security policy crises. However, the G7 is not an international organisation and does not have established structures, such as a secretariat. The annually rotating Presidency prepares the summit and the ministerial meetings, assisted also by expert and regional working groups.

G7 process: More than an annual summit

The most visible element of the G7 process is the annual summit of Heads of State and Government, which is hosted by the Presidency and is usually held around the middle of the year. The meetings provide an opportunity to exchange views in person and to launch joint initiatives. The summit declarations are public. Germany last assumed the Presidency in 2015 and 2022, and it will be its turn again in 2029.

Since 1984, informal meetings of the G7 Foreign Ministers have been held on the fringes of the United Nations General Assembly in September, and they now also take place on the margins of the Munich Security Conference in February. Since 1998, there has been an additional meeting in May, which generally adopts a comprehensive “Communiqué” on current foreign and security policy issues. Since the British Presidency in 2021, it has been customary to hold two formal meetings per year. In recent years, additional guests have been invited in order to ensure a broader exchange. Further to these meetings at foreign minister level, the G7 coordinates closely and regularly at all levels, for example in thematic working groups.

Wide range of issues at ministerial meetings

Initially, the G7 focused on financial and monetary issues, but now the range of topics discussed has expanded greatly: There are various Ministers’ tracks, depending on the priorities set by the Presidency, such as foreign affairs, digital transformation, energy, development, finances, health, trade, home affairs, environment and climate. The Foreign Ministers’ track in particular has been a firmly established format for decades and is maintained by all Presidencies.