Italy is hosting the annual summit of leaders from the Group of Seven (G7) major democracies from June 13-15. Although India is not an official member of the G7, Italian Prime Minister Giorgia Meloni has extended an invitation to Indian Prime Minister Narendra Modi to attend the event.
Italian Prime Minister Giorgia Meloni receives United Kingdom Prime Minister Rishi Sunak, German Chancellor Olaf Scholz, President of the European Council Charles Michel, French President Emmanuel Macron, and US President Joe Biden as they arrive for the 50th G7 Summit.
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The agenda includes defending the “rules-based international system” amid Russia’s aggression towards Ukraine, addressing the Middle East conflict, and strengthening partnerships with developing nations, especially in Africa. Key priorities encompass migration, climate change, food security, and the implications of artificial intelligence (AI) for humanity.
What is the G7?The G7 originated from a 1973 meeting of finance ministers and central bank governors in Paris, France. This meeting was convened in response to major economic challenges of the time, including an oil crisis, rising inflation, and the collapse of the Bretton Woods system. Under this system, the value of the US dollar was fixed against gold, and other global currencies pegged their values to the dollar. However, over time, the dollar was seen as overvalued against the fixed rate, necessitating the creation of a new mechanism for exchange rates that required global cooperation.