The G7 was born in 1975 as an informal forum of coordination among the world main industrialised countries (Canada, France, Germany, Italy, Japan, United Kingdom and United States). The inclusion of Russia in the G7 in 1998 represented the first expansion of the group since Canada joined in 1976. The G8 was born.

The G8 Presidency is taken on by each country in turn. Italy, holding the G8 Presidency throughout 2009, thus holds responsibility for hosting and organising the preparatory meetings needed to lead up to July’s Summit in L’Aquila, during which the Heads of State and Government of the countries taking part will be meeting prior to signing the Final Declarations. The process is managed by the Italian Presidency of the Council.

With a specific focus on economic and financial issues, the Ministry of the Economy and Finance plays a crucial role. During the course of 2009, the Department of the Treasury will organise the G7/G8 Finance Ministers and Central Bank Governors’ meetings, also attended by the Director General of the Treasury who will serve as Minister’s Deputy. The Ministers and Governors’ meetings will conclude with the release of the Communiqué, the document that presents the decisions on measures to be adopted as well as recommendations to member countries and international organisations.

G7 Finance Ministers and Central Bank Governors met in Istanbul, on Saturday 3 October 2009, to discuss economic and financial developments and policy priorities.
The meeting, the last to be held under the 2009 Italian Presidency, took place in the premises of the Lütfi Kýrdar Center within the framework of the Annual Meetings of the International Monetary Fund and World Bank and concluded with the release of the Communiqué followed by national press conferences.

On this occasion, Italy and Canada, the country which will be holding the G7/G8 presidency next year, agreed to give a joint briefing to the press.

The G8 Finance Ministers Pre-summit meeting took place in Lecce, the capital city of baroque, last 12 and 13 June. It was the second financial ministerial meeting hosted by our country under the Italian Presidency in 2009. The meeting started with a working dinner on Friday, 12 June, in the charming setting of the Convent of St. Dominic outside the Walls (San Domenico fuori le Mura), a former spiritual centre dating back to 15th century and recently restored to its former splendour. Finance Ministers and the invited representatives from international organizations discussed, over dinner, the common principles and standards for propriety, integrity and transparency regarding the conduct of international business and finance.
The Pre-summit resumed the following day, in the gorgeus halls of the Castle of Charles V (Castello di Carlo V), an impressive fortress built in the 16th century around an existing Norman fortification, where Finance Ministers and other invited organizations addressed the remaining issues on the agenda, including market transparency, food security and climate change.
The meeting concluded, as usual, with the release of the Communiqué and the Presidency’s press conference, followed by national press conferences.

The first meeting of Finance Ministers and Central Bank Governors held under the Italian G8 Presidency started with a working dinner, which took place in the beautiful setting of Villa Madama in Rome, on 13 February 2009.
Improving market integrity and transparency, with a special emphasis on fostering the application of appropriate regulations at the global level has been one of the main points of discussion, as a response to the current financial crisis.

The Rome meeting resumed the following day, on the premises of the Ministry of the Economy and Finance, where participants addressed all the other issues on the agenda. In particular, they focused on the stabilisation of financial markets and the reform of international financial institutions. A special session, also attended by representatives of some international organisations, was devoted to food security and the need to support emerging and developing countries. The meeting concluded with the release of the Communiqué and the Presidency’s press conference, followed by national press conferences.