Glossary



  • G14

    • The G8 enlargement process. On the second day of the Summit, it comprises the G8 countries and the countries making up what is known as the G5 – China, India, Brazil, South Africa and Mexico – joined by Egypt in the capacity of observer.

  • G20

    • Informal organisation that promotes and supports world economic growth and development. It comprises: the economic affairs and finance ministers and central bank governors of 19 countries, both industrialised and emerging; the European Union, represented by the country holding the European Council duty presidency, and the ECB. The 19 countries include the G7 plus: Argentina, Australia, Brazil, China, India, Indonesia, Mexico, Russia, Saudi Arabia, South Africa, South Korea and Turkey. Italy is represented at meetings by its Economic Affairs and Finance Minister and the Governor of the Bank of Italy.

  • G7/G8

    • Group of the world’s seven most highly industrialised countries – Canada, France, Germany, Italy, Japan the United Kingdom and the United States – that meets once a year. The first meeting dates back to 17 November 1975, when the group still did not comprise Canada, which joined two years later. Russia, too, attended the summit in 1994, launching what became known as the G7 + 1, but did not become an official member of the group until 1997, when the G7 turned into the G8.

  • Global legal standard

    • A set of rules and conventions valid for all the players on the global market, establishing a new framework of shared rules setting out to ensure transparency in the conduct of international business.

  • Gold standard

    • A gold-based monetary system in which the value of each national currency was determined by its convertibility into gold, which kept the exchange rate stable. It was in force from the second half of the 19th century until 1930.