Group of Eight

Note: The group's finance ministers met in Washington, D.C., October 10–11, 2008, in response to the worldwide financial crisis, producing a declaration of intent that each country would take steps to improve the situation. Group of Twenty heads of state met in Washington on November 14–15. This meeting issued a more detailed final statement, which reemphasized the need for member countries to pursue a common policy and called on international financial bodies such as the World Bank and the International Monetary Fund to assist. The meeting recognized the need for an overhaul of the world financial system.

Established: As the Group of Seven (G-7) during the San Juan, Puerto Rico, summit of leading industrial democracies held on June 27–28, 1976; first met as the kindred Group ...