As world markets continue to fall, it becomes evident that the G7 is an outdated format
G7 system now seems to be old-fashioned and not sufficient, that's the conclusion made by Robert Zoellick, president of the World Bank.
He proposes that G7 is to be supplemented with the fast-growing economies of Asia and Latin America. Together with Brazil, China, India, Mexico, Russia, Saudi Arabia and South Africa it will be a more universal structure.
As Russian business paper Kommersant reported, President Dmitry Medvedev noted the absence of an arena for the effective discussion of ways to overcome the crisis last month. He said he made efforts to raise that subject at the G8 summit in Hokkaido, but no decision on it was made there. “It’s a shame,” Medvedev said. “Maybe some of our partner states would have behaved differently in the new wave of financial crisis.”
What destiny these ideas awaits, we can't say yet.
Meanwhile, the G7 is a union of highly developed Canada, France, Germany, Great Britain, Italy, Japan and the United States. The ministers of finance of those countries meet regularly to discuss global financial issues and problems in the world economy.