ISTANBUL, Oct 3 (Reuters) - The Group of Seven rich nations hopes to decide on Saturday its future as an institution, with the United States pushing for the creation of a smaller core group, a G7 official said.
The official, speaking on condition of anonymity, said Washington wanted to see the G7 supplanted in global economic policymaking by a Group of Four that would comprise the United States, Europe, China and Japan.
For more than a decade, the G7 has dominated international policymaking. But the financial crisis has undermined its power, as big developing economies such as China have become key to managing the global recovery.
(Editing by Andrew Torchia) (Reuters Messaging: tim.ahmann.reuters.com@reuters.net; e-mail: tim.ahmann@thomsonreuters.com; +90 212 296 3621) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The official, speaking on condition of anonymity, said Washington wanted to see the G7 supplanted in global economic policymaking by a Group of Four that would comprise the United States, Europe, China and Japan.
For more than a decade, the G7 has dominated international policymaking. But the financial crisis has undermined its power, as big developing economies such as China have become key to managing the global recovery.
(Editing by Andrew Torchia) (Reuters Messaging: tim.ahmann.reuters.com@reuters.net; e-mail: tim.ahmann@thomsonreuters.com; +90 212 296 3621) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
