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G7 gives way to G20

While the G7, i.e. the United States, Britain, France, Germany, Japan, Italy and Canada, have always led the way with regards to worldwide economic strategies, rescue packages and financial intervention, those countries involved have agreed that they will no longer meet on a formal basis and will instead focus upon the G20. While this is not to say that the so-called G7 will not remain the powerhouses of the worldwide economy, the world is changing and more and more countries are coming into play.

If nothing else, the ongoing worldwide recession has shown that it actually takes the combined efforts of all major countries around the world to battle against such demanding conditions and difficulties. There is also the issue of finance with the likes of the United States and Britain having suffered a significant reduction in their financial strength over the length of the ongoing recession. Indeed, the International Monetary Fund has now stepped up to the mark and many people believe this particular association will take a leading role in the future.

Quite why this announcement has been made at this particular moment is unclear but there have been problems behind the scenes with regards to other emerging countries who felt to some extent isolated from the main talks.

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