KhalaiMakhlooq
SENIOR MEMBER
- Joined
- Dec 6, 2018
- Messages
- 2,352
- Reaction score
- -3
- Country
- Location
Understanding the Groups: G7, G8, G10, G15, G20, G24
Today we will discuss the groups of countries: G7, G8, G10, G15, G20 G27 etc. These groups are behind the laws and regulations in risk and compliance management, and develop the principles for all the standards and frameworks.
Group of Seven
The Group of Seven (G-7) major industrial countries began to hold annual economic summits (meetings at the level of head of state or government)in 1975. At the level of finance minister and central bank governor, the G-7 superseded the G-5 as the main policy coordination group during 1986 – 1987, particularly following the Louvre Accord of February 1987,which was agreed by the G-5 plus Canada and subsequently endorsed by the G-7. Since 1987, the G-7 finance ministers and central bank governors have met at least semi-annually to monitor developments in the world economy and assess economic policies.The Managing Director of the IMF usually participates, by invitation, in the surveillance discussions of the G-7 finance ministers and central bank governors.
Although Russia has joined the group, thereby forming the Group of Eight (see below), the G-7 continues to function as a forum for discussion of economic and financial issues among the major industrial countries.
G-7 Members
Group of Eight
The Group of Eight (G-8) was conceived when Russia first participated in part of the 1994 Naples Summit of the G-7. Again in 1997, Russia joined, for political discussions, the Denver Summit after the conclusion of the G-7 economic summit. At the 1998 Birmingham Summit, Russia joined as full participant,which marked the establishment of the Group of Eight, which convenes annual summits of the heads of state or government of the major industrial countries to discuss the major economic and political issues on their agenda.
G-8 Members
Group of Ten
The Group of Ten (G-10) refers to the group of countries that have agreed to participate in the General Arrangements to Borrow (GAB), a supplementary borrowing arrangement that can be invoked if the IMF’s resources are estimated to be below member’s needs. The GAB was established in 1962, when the governments of eight IMF members Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom, and the United States
and the central banks of two others, Germany and Sweden, agreed to make resources available to the IMF for drawings by participants, and, under certain circumstances, for drawings by nonparticipants. The GAB was strengthened in 1964 by the association of Switzerland, then a nonmember of the Fund, but the name of the G-10 remained the same. Following its inception, the G-10 broadened its engagement with the Fund, including issuing reports that culminated in the creation of the Special Drawing Right (SDR) in 1969. The G-10 was also the forum for discussions that led to the December 1971 Smithsonian Agreement following the collapse of the Bretton Woods system. The following international organizations are official observers of the activities of the G-10:The Bank for International Settlements (BIS), European Commission, IMF OECD.
G-10 Members
Group of Fifteen
The Group of Fifteen (G-15) was established at the Ninth Non-Aligned Summit Meeting in Belgrade, Yugoslavia in September 1989. It is composed of countries from Latin America, Africa, and Asia with a common goal of enhanced growth and prosperity. The G-15 focuses on cooperation among developing countries in the areas of investment, trade, and technology.The membership of the G-15 has expanded to 17 countries, but the name has remained unchanged.
G-15 Members
Group of Twenty
The Group of Twenty (G-20), which superseded the Group of 33 (see below), was foreshadowed at the Cologne Summit of the G-7 in June 1999,but was formally established at the G-7 Finance Ministers’ meeting on September 26, 1999. The inaugural meeting took place on December 15 – 16, 1999, in Berlin. The G-20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system.It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. As the global economic crisis unfolded, and with the meetings of G-20 Heads of State and Government in November 2008, and in April and September 2009, the G-20 assumed an increasingly active role on global economic issues. This culminated in leaders designating the G-20 as ―the premier forum for our international economic cooperation during their Pittsburg Summit. The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and also the European Union, which is represented by the rotating Council Presidency and the European Central Bank. To ensure that global economic fora and institutions work together, the Managing Director of the IMF and the President of the World Bank, plus the Chairs of the IMFC and the Development Committee, also participate in G-20 meetings on an ex-officio basis.
G-20 Members
Group of Twenty-Four
The Group of Twenty-Four (G-24), originally a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. The group, which is officially called the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, is not an organ of the IMF, but the IMF provides secretariat services for the Group. Its meetings usually take place twice a year, prior to the IMFC and Development Committee meetings, to enable developing country members to discuss agenda items beforehand. Although membership in the G-24 is strictly limited to 24 countries, any member of the G-77 can join discussions. China has been a ―special invitee since the Gabon meetings of 1981. H.E. Guido Mantega, Minister of Finance, Brazil, is the current chairman of the G-24.
G-24 Members
Paris Club
The Paris Club is an informal group of official creditors,industrial countries in most cases, that seeks coordinated and sustainable solutions for debtor nations facing payment difficulties. Paris Club creditors agree to reschedule debts due to them. Although the Paris Club has no legal basis, its members agree to a set of rules and principles designed to reach a coordinated agreement on debt rescheduling quickly and efficiently. This voluntary gathering dates back to 1956, when Argentina agreed to meet its public creditors in Paris. Since then, the Paris Club, and related ad hoc groups, has reached over 410 agreements covering 86 debtor countries.The Paris Club and the IMF have extensive contact, since the Paris Club normally requires countries to have an active Fund-supported program in order to qualify for a rescheduling agreement.
London Club
The London Club is an informal group of commercial banks that join together to negotiate their claims against a sovereign debtor. The debtor initiates a process in which a London Club ―Advisory Committee is formed. The Committee is chaired by a leading financial firm and includes representatives from other exposed firms.Upon signing of a restructuring agreement, the Committee is dissolved.
From: International Association of Risk and Compliance Professionals (IARCP)
//www.scribd.com/doc/50098701/Understanding-the-Groups-G7-G8-G10-G15-G20-G24-countries
Today we will discuss the groups of countries: G7, G8, G10, G15, G20 G27 etc. These groups are behind the laws and regulations in risk and compliance management, and develop the principles for all the standards and frameworks.
Group of Seven
The Group of Seven (G-7) major industrial countries began to hold annual economic summits (meetings at the level of head of state or government)in 1975. At the level of finance minister and central bank governor, the G-7 superseded the G-5 as the main policy coordination group during 1986 – 1987, particularly following the Louvre Accord of February 1987,which was agreed by the G-5 plus Canada and subsequently endorsed by the G-7. Since 1987, the G-7 finance ministers and central bank governors have met at least semi-annually to monitor developments in the world economy and assess economic policies.The Managing Director of the IMF usually participates, by invitation, in the surveillance discussions of the G-7 finance ministers and central bank governors.
Although Russia has joined the group, thereby forming the Group of Eight (see below), the G-7 continues to function as a forum for discussion of economic and financial issues among the major industrial countries.
G-7 Members
- Canada
- Japan
- France
- United Kingdom
- Germany
- United States
- Italy
Group of Eight
The Group of Eight (G-8) was conceived when Russia first participated in part of the 1994 Naples Summit of the G-7. Again in 1997, Russia joined, for political discussions, the Denver Summit after the conclusion of the G-7 economic summit. At the 1998 Birmingham Summit, Russia joined as full participant,which marked the establishment of the Group of Eight, which convenes annual summits of the heads of state or government of the major industrial countries to discuss the major economic and political issues on their agenda.
G-8 Members
- Canada
- Japan
- France
- Russia
- Germany
- United Kingdom
- Italy
- United States
Group of Ten
The Group of Ten (G-10) refers to the group of countries that have agreed to participate in the General Arrangements to Borrow (GAB), a supplementary borrowing arrangement that can be invoked if the IMF’s resources are estimated to be below member’s needs. The GAB was established in 1962, when the governments of eight IMF members Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom, and the United States
and the central banks of two others, Germany and Sweden, agreed to make resources available to the IMF for drawings by participants, and, under certain circumstances, for drawings by nonparticipants. The GAB was strengthened in 1964 by the association of Switzerland, then a nonmember of the Fund, but the name of the G-10 remained the same. Following its inception, the G-10 broadened its engagement with the Fund, including issuing reports that culminated in the creation of the Special Drawing Right (SDR) in 1969. The G-10 was also the forum for discussions that led to the December 1971 Smithsonian Agreement following the collapse of the Bretton Woods system. The following international organizations are official observers of the activities of the G-10:The Bank for International Settlements (BIS), European Commission, IMF OECD.
G-10 Members
- Belgium
- Netherlands
- Canada
- Sweden
- France
- Switzerland
- Germany
- United Kingdom
- Italy
- United States
- Japan
Group of Fifteen
The Group of Fifteen (G-15) was established at the Ninth Non-Aligned Summit Meeting in Belgrade, Yugoslavia in September 1989. It is composed of countries from Latin America, Africa, and Asia with a common goal of enhanced growth and prosperity. The G-15 focuses on cooperation among developing countries in the areas of investment, trade, and technology.The membership of the G-15 has expanded to 17 countries, but the name has remained unchanged.
G-15 Members
- Algeria
- Indonesia
- Nigeria
- Argentina
- Iran Islamic Rep.
- Senegal
- Brazil
- Jamaica
- Sri Lanka
- Chile
- Egypt
- India
- Kenya
- Malaysia
- Mexico
- Venezuela,
- Rép. Bol. de Zimbabwe
Group of Twenty
The Group of Twenty (G-20), which superseded the Group of 33 (see below), was foreshadowed at the Cologne Summit of the G-7 in June 1999,but was formally established at the G-7 Finance Ministers’ meeting on September 26, 1999. The inaugural meeting took place on December 15 – 16, 1999, in Berlin. The G-20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system.It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. As the global economic crisis unfolded, and with the meetings of G-20 Heads of State and Government in November 2008, and in April and September 2009, the G-20 assumed an increasingly active role on global economic issues. This culminated in leaders designating the G-20 as ―the premier forum for our international economic cooperation during their Pittsburg Summit. The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and also the European Union, which is represented by the rotating Council Presidency and the European Central Bank. To ensure that global economic fora and institutions work together, the Managing Director of the IMF and the President of the World Bank, plus the Chairs of the IMFC and the Development Committee, also participate in G-20 meetings on an ex-officio basis.
G-20 Members
- Argentina
- France
- Japan
- South Africa
- Australia
- Germany
- Korea
- Turkey
- Brazil
- India
- Mexico
- United Kingdom
- Canada
- Indonesia
- Russia
- United States
- China
- Italy
- Saudi Arabia
- The European Union
Group of Twenty-Four
The Group of Twenty-Four (G-24), originally a chapter of the G-77, was established in 1971 to coordinate the positions of developing countries on international monetary and development finance issues and to ensure that their interests were adequately represented in negotiations on international monetary matters. The group, which is officially called the Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development, is not an organ of the IMF, but the IMF provides secretariat services for the Group. Its meetings usually take place twice a year, prior to the IMFC and Development Committee meetings, to enable developing country members to discuss agenda items beforehand. Although membership in the G-24 is strictly limited to 24 countries, any member of the G-77 can join discussions. China has been a ―special invitee since the Gabon meetings of 1981. H.E. Guido Mantega, Minister of Finance, Brazil, is the current chairman of the G-24.
G-24 Members
- Algeria
- Egypt
- Iran, Islamic Rep.
- Philippines
- Argentina
- Ethiopia
- Lebanon
- South Africa
- Brazil
- Gabon
- Mexico
- Sri Lanka
- Colombia
- Ghana
- Nigeria
- Syrian Arab Republic
- Congo, Dem. Rep.
- Guatemala
- Pakistan
- Trinidad and Tobago
- Côte d’Ivoire
- India
- Peru
- Venezuela, Rép. Bol. de
Paris Club
The Paris Club is an informal group of official creditors,industrial countries in most cases, that seeks coordinated and sustainable solutions for debtor nations facing payment difficulties. Paris Club creditors agree to reschedule debts due to them. Although the Paris Club has no legal basis, its members agree to a set of rules and principles designed to reach a coordinated agreement on debt rescheduling quickly and efficiently. This voluntary gathering dates back to 1956, when Argentina agreed to meet its public creditors in Paris. Since then, the Paris Club, and related ad hoc groups, has reached over 410 agreements covering 86 debtor countries.The Paris Club and the IMF have extensive contact, since the Paris Club normally requires countries to have an active Fund-supported program in order to qualify for a rescheduling agreement.
London Club
The London Club is an informal group of commercial banks that join together to negotiate their claims against a sovereign debtor. The debtor initiates a process in which a London Club ―Advisory Committee is formed. The Committee is chaired by a leading financial firm and includes representatives from other exposed firms.Upon signing of a restructuring agreement, the Committee is dissolved.
From: International Association of Risk and Compliance Professionals (IARCP)
//www.scribd.com/doc/50098701/Understanding-the-Groups-G7-G8-G10-G15-G20-G24-countries
Last edited:
