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American proposal to replace G7 with G4 rebuffed at Istanbul meet
ISTANBUL -- An informal American proposal to replace the Group of Seven with a "Group of Four" was rebuffed at a G7 conference that ended here Saturday.
"It was concluded that the G7 will continue in its present form," Japanese Finance Minister Hirohisa Fujii and Bank of Japan Gov. Masaaki Shirakawa said at a news conference following the meeting.
Before the meeting, the United States had sounded out G7 nations on a plan to convert the G7 into a G4, consisting of the United States, Japan, the European Union and China. However, the idea was fiercely resisted by the countries of Europe, and was not formally debated during the meeting, attended by finance ministers and central bank governors of the G7 countries.
Questions have arisen about the future role of the G7 in the wake of the G20 financial summit in late September, where it was decided that the meetings for addressing global financial and economic issues would become regular events, possibly shifting the center of gravity away from the G7.
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said that, while the G7 is not yet dead, it is losing its relevance and is on the way to passing into history. However, he agreed that the G7 should continue as is for now.
Meanwhile, the IMF Committee met Sunday and adopted the G20's September declaration allowing emerging countries to increase their capital contributions to the IMF, among other resolutions.
ISTANBUL -- An informal American proposal to replace the Group of Seven with a "Group of Four" was rebuffed at a G7 conference that ended here Saturday.
"It was concluded that the G7 will continue in its present form," Japanese Finance Minister Hirohisa Fujii and Bank of Japan Gov. Masaaki Shirakawa said at a news conference following the meeting.
Before the meeting, the United States had sounded out G7 nations on a plan to convert the G7 into a G4, consisting of the United States, Japan, the European Union and China. However, the idea was fiercely resisted by the countries of Europe, and was not formally debated during the meeting, attended by finance ministers and central bank governors of the G7 countries.
Questions have arisen about the future role of the G7 in the wake of the G20 financial summit in late September, where it was decided that the meetings for addressing global financial and economic issues would become regular events, possibly shifting the center of gravity away from the G7.
International Monetary Fund (IMF) Managing Director Dominique Strauss-Kahn said that, while the G7 is not yet dead, it is losing its relevance and is on the way to passing into history. However, he agreed that the G7 should continue as is for now.
Meanwhile, the IMF Committee met Sunday and adopted the G20's September declaration allowing emerging countries to increase their capital contributions to the IMF, among other resolutions.
