Handbook of Safeguarding Global Financial Stability

Chapter 36

GroupsG-5, G-7/8, G-10, G-20, and Others

A. Baker

Queen’s University Belfast, Belfast, Northern Ireland, UK

Outline

Introduction

A Short History of ‘G’ Group Cooperation

Existing ‘G’ Group Scholarship

Why Do Governments Participate in ‘G’ Groups?

‘G’ Group Functions

Conclusions: The G20 and Political Conflict

Glossary

Further Reading

Relevant Websites

Introduction

Even looking from afar, a casual observer would be drawn to the verdict that the array of ‘G’ groups – the Group of Seven (G7), the G8, and the G20 – comprising differing configurations of the world’s leading governments, are central to the governance of the global financial system. During the peak of the recent financial crash in the second half of 2008 and the first half ...