Group of Seven / Group of Eight
2004
No Relief for the Poor (October 2, 2004)
The finance ministers of the richest countries – the Group of Seven (G7) – have failed to reach an anticipated agreement on debt cancellation for the world's poorest countries, saying that they require more time to discuss the issue. Meanwhile, civil society groups lobbying for 100% debt cancellation criticize the delay, claiming that "the world's richest countries have failed a moral test." (Inter Press Service)
Groups See Hope for Debt Cancellation for Poorest Countries in Upcoming Meeting (September 22, 2004)
The Group of Seven (G-7), the world's wealthiest governments, will meet to decide whether to back a joint British-US proposal of total debt cancellation 33 of the world's poorest countries. Non-governmental organizations (NGOs) welcome this initiative but urge caution, stating that the debt elimination initiative might imply less aid money for poor nations. (One World)
Africa Activists Express Deep Disappointment Over G8 Results (June 11, 2004)
African leaders and activists were hopeful that the G8 meetings would bring debt relief, funding for the containment of HIV/AIDS, and intervention in Sudan. Unfortunately, they were let down on all counts, as the G8 made agreements only on minor initiatives and deferred future responsibilities to the UN. (One World)
G8 Leaders Rebuff Africa's Request for Debt Cancellation (June 11, 2004)
Many African countries are burdened by huge national debts that stifle development efforts. Leaders of selected African countries made an "emotional plea" to the G8 for debt cancellation so that limited finances could be directed toward economic and social issues. The G8 denied debt relief, and instead offered a moderate extension of the "heavily indebted poor countries" (HIPC) initiative. (Globe and Mail)
G8 Seeks to Cut Remittance Fees for Migrant Workers (June 10, 2004)
Remittances sent by migrant workers contribute more to poor countries' economies than do foreign aid and debt forgiveness combined. As financial transfers and remittance fees are quite costly, the G8 agreed to lower remittance barriers to help eradicate international poverty.(World Bank)
G7 to Combat Terrorism with Airline Cash Inspections (April 27, 2004)
G7 officials are discussing ways to tackle cross-border cash movements as part of the "war on terror." According to the Financial Action Task Force, the proposal includes making international travelers file currency declarations and X-ray scan for cash, as well as weapons at airports. Will these attempts really help preventing terrorist attacks? (International Relations and Security Network)
Cheapening the Dollar (February 9, 2004)
At a G7 meeting in Florida, the US welcomed the dollar's plunge against the euro and called for a more rapid decline of the dollar against Asian currencies. This might provide a push to US exporters and allow Europe to share the burden of the falling dollar with Asia. Yet, greater exchange rate flexibility with Asia increases the risks for foreigners that finance the US deficit. (New York Times)
2002
Prospects for Good Global Governance (April 15, 2002)
Walden Bello traces the origins of the legitimacy crisis facing the World Bank, IMF, WTO and G-7. He proposes a new "decentralized, pluralistic system of global economic governance" to replace these undemocratic institutions. (Focus on the Global South)
G8 in Open Disarray Over Kyoto Protocol (April 14, 2002)
G8 leaders remain divided on the Kyoto Protocol as Canada puts off ratification to further consult with national energy producers. Frustrated European leaders are hoping Canada will not join the US in abandoning the protocol. (Reuters)
Treasury Chief Accuses World Bank of Harming Poor Countries (February 21, 2002)
Some official say they fear that the Bush administration's proposal of converting "up to 50 percent" of the World Bank's $6 billion in annual loans to poor countries to grants could undermine the World Bank by forcing it to give away its capital. None of the other G7 countries have pledged to convert more than 16 percent, as compared with about 1 percent now, to grant aid. (New York Times)
2001
Prodi Urges More Aid to Bridge North-South Global Divide (December 3, 2001)
European Commission President Romano Prodi says that rich nations must increase foreign aid and follow the G-7 guidelines aimed at channeling 0.7 percent of GDP to poor countries. Otherwise the world will face more terrorism and North-South conflict. (International Herald Tribune)
G8 and Global Governance (July 2001)
Global governance systems today find themselves challenged by the outbreak of intrastate conflicts, financial crisis contagion, and the regulation of transnational corporations. Structural reform is necessary if the WTO, World Bank, IMF, and UN are to meet some of these challenges. Instead of showing leadership in this effort, the G8/G7 has contributed to the problem by supporting policy solutions that bypass the UN and favor transnational corporations over public welfare. (Foreign Policy In Focus)
Where's the Money? G8 promises, G8 failures (July 2001)
The world's richest countries promised to halve the amount of people living in poverty, ensure the primary education of children in poor countries, and reduce child mortality rates by two-thirds, all by 2015. However, this paper argues that a "huge gap" exists between these promises by the G8 countries and their inactions on global health, education, and debt relief. (Oxfam)
2000
G20 Chair Says Poverty Relief is Key Part of Globalization Talks (October 26, 2000)
The G20 says it hopes to "deepen" the concensus and particularly focus on the choice of sustainable and sound exchange rate regimes in the emerging market economies to help reduce poverty in the developing world. (Indian Times)
Arms and the Businessman (February 8, 2000)
An article from the London Guardian pointing out the obvious contradiction of the UK's policy to pay off the debts of the poorest countries, while simultaneously supplying arms to the very conflicts which undermine economic stability in these countries.
1999
Free Trade Across An Iron Curtain: The Line That Divides Mexico and the US (December 1999)
An in depth article from Le Monde Diplomatiqueanalyzing the impact of free trade on economic and social conditions in Mexico.
1998
Group-of-Seven Financial Reform Initiative of 30 October 1998: What It Is and What It Means for the UN (November 3, 1998)
An article discussing the implications of a new major policy declaration.
