The G7, G20 and Economic Summitry

Beyond formal institutions, informal clubs of leaders help coordinate the world economy. After the oil shock and the collapse of fixed exchange rates, France hosted a summit at Rambouillet in 1975 for the leaders of six major economies; Canada joined the next year, creating the G7. Russia's participation made it the G8 from 1997 until its suspension in 2014 after the annexation of Crimea. Because the G7 left out fast-growing economies, finance ministers formed the G20 in 1999 after the Asian financial crisis.

During the 2008 crisis, the G20 met for the first time at leaders' level in Washington, and in 2009 it declared itself the premier forum for international economic cooperation. Emerging economies also formed their own groupings, such as BRICS, and created institutions like the New Development Bank and the Asian Infrastructure Investment Bank. Supporters value these forums' flexibility; critics say they lack legitimacy because most countries are excluded.