What is G7
The G7 is a group of seven countries with the most advanced economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The EU is an active participant, however, not an enumerated member.
The Group is not based on a treaty, has no permanent secretariat and the presidency rotates annually among six of the member countries. The EU does not assume the rotating G7 presidency. It is the presidency that defines the priorities for the year ahead in consultation with its members. The presidency hosts the annual Leaders’ Summit and dictates the need for additional ministerial-level meetings throughout the year. Upon their completion, a summary is released of the agreed initiatives and plans of action.
The G7 receives recommendations in meetings held throughout the year from seven different engagement groups: Business 7 (B7), Civil Society 7 (C7), Labour 7 (L7), Science 7 (S7), Think Tank 7 (T7), Women 7 (W7) and Youth 7 (Y7), which are included in its aim to coordinate global economic policy and address other transnational issues, such as financial stability, international security, and energy policy.
Although it issues policies, the G7 is not a formal entity, thus with no legislative or authoritative power to enforce them.
The findings, statements and reports issued by G7 are valuable for international organisations from various fields as resource tools in supporting their work.
The G7 issues:
- progress reports detailing their advancement of agreed upon initiatives
- reports on global stability (climate, food security, financial stability, and others)
G7 Virtual asset related reports:
- G7 Fundamental Elements of Ransomware Resilience for the Financial Sector
- G7 Fundamental Elements for Third Party Cyber Risk Management in the Financial Sector
- G7 Finance Ministers and Central Bank Governors’ Statement on Central Bank Digital Currencies (CBDCs) and Digital Payments
- Public Policy Principles for Retail Central Bank Digital Currencies (CBDCs)
- G7 Finance Ministers and Central Bank Governors’ Statement on Digital Payments
- Ransomware Annex to G7 Statement
As the presidency rotates yearly, the jurisdiction in case will set up a website where all publications released by the G7 are featured. Currently (2022) the presidency is held by Germany, followed by Japan in 2023, and Italy in 2024. Several predecessors in the past years are the UK (2021), the US (2020), France (2019), Canada (2018). Each year the website of the organisation changes. Currently it is https://www.g7germany.de/g7-en – it provides access to all relevant publications issued by the active presidency. Former communications can be found on the website hosted by the presidency in question, as well as on member countries’ designated web pages. For example, Japan’s: https://www.mof.go.jp/english/policy/international_policy/
Sign up for a free Coinfirm Academy course and get certified
Find out which institutions stand at the basis of the regulatory framework for financial markets, be it fiat or crypto, reports issued and how their work interlocks.