ABSTRACT
This chapter reviews that the occasions during the 1990s and early 2000s when the G7 summits have contributed to the design of the world's financial and monetary system. It draws some lessons on how the summit can best contribute to international financial reform in conditions of advancing globalisation. Reforms of the financial architecture must also serve all countries, not just those that carry weight in the system. The chapter speaks of the G7 throughout, rather than the G8, since the Russians play no part in these financial discussions. Three areas of summit activity are examined, all spread over a number of years but remaining active subjects on the G7 agenda. These are debt relief for the poorest; the speculative financial crisis; abuses of the financial system. In each or the chosen topics, the summit s achievements are judged against a range of criteria: leadership; effectiveness; durability; acceptability; and consistency.
