Group of Eight

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The eight leading industrial nations of the world: the USA, Japan, Germany, France, the UK, Italy, Canada, and Russia, which account for more than three-fifths of global GDP. Founded as the Group of Seven (G7) in 1975, without Russia, the heads of government have met once a year to discuss economic and, increasingly, political matters. Russia attended the annual summits from 1991, and became a full member in 1998, when the name of the organization was changed. Summits are also attended by the president of the European Commission.

The group formed during the 1970s with the aim of coordinating international management of exchange rates following the collapse of the Bretton Woods system of fixed rates. However, its intervention in the mid-1980s was later blamed for the 1987 stock-market crash, and annual summits increasingly became forums for discussion of topical issues rather than policy-formulating sessions.

Red represents the blood shed during the fight for independence. According to legend Albanians are descended from the eagle, which is the national emblem. Effective date: 22 May 1993. >>