The origin of G-7. The economical and political contex
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The main purpose of the article is to present the reasons for the establishment of G-7. Both economic and political changes, decisive in creating a new international forum are considered beginning with the most fundamental problems of the world economy, which influenced the launching of cyclical meetings of the richest states. The collapse of the Bretton Woods monetary system and the first oil crisis were the most destructive events in the development of the world economy in the early 70s. The most traumatic effects of the monetary and energy crisis at that time was inflation and unemployment. The recession, called commonly stagflation, was one of the most important subjects of transatlantic consultations (the economic part of the publication is supported by statistical figures and tables, which may help to understand the changes in the world economy). The process of the first enlargement of the EEC in 1973 should also be mentioned among the causes of G-7 coming into existence. This enlargement changed the attitude of U.S. policy to its European allies. The West European position in world policy and economy was much stronger since that time. The final decision about organising the first meeting of transatlantic powers was taken in Helsinki on 31st of July 1975 during the Conference on Security and Cooperation in Europe. The very first summit with six states participating in it was held in France in 1975. The name of G-7 became official in 1976 when Canadian participants joined the representatives of France, Germany, Great Britain, Italy, Japan, and the US.
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