G8 and G20

< />

The G8 and the G20 are forums where governments gather to discuss global economic issues. The G8 is made up of the eight most powerful countries in the world - Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States. The G7 met annually for two decades until Russia was invited to participate in 1994. The G20 was set up after the Asian financial crisis and includes the G8 countries, plus countries that are most capable of destabilizing the global economy, due to the size of their debt to international financial markets. The IMF and the World Bank are also counted as part of the G20.

Both forums are undemocratic and secretive. The institutions largely controlled by the G8 - the World Bank and the IMF, implement the policy decisions agreed at these fora, decisions that effectively steer the global economy.

Our work around the G8 and the G20 has focused on:

promoting alternatives to current global financial architecture (GFA) and the NEPAD; including the Tobin Tax, comprehensive debt cancellation, democratic governance of the global economy, including its key institutions, the World Bank, the IMF and export credit agencies; and
holding events to educate Canadians about these fora and related issues.

	FAQs
	GFA
	Events
	Publications
	Links

Section Articles

Report - Analysis of G8 Debt Deal (June 2005)

KAIROS and Halifax Initiative Coalition provide short analysis of the details of the G8 Finance Minister's debt deal announced on June 11, 2005.

KAIROS Statement on Global Day of Action Against Debt Domination (December 2004)

A statement by KAIROS calling for multilateral debt relief, greater action on the part of G7 nations and recognition that odious and illegitimate debt should not have to be repaid.

KAIROS Analysis of the October G-7 Finance Ministers’ and IMF & World Bank Meetings

This briefing provides an analysis of the outcome of the G7 Finance Ministers Meeting and the IMF/World Bank Annual Meetings in light of the four demands put forward by KAIROS and the Halifax Initiative.

At the Table or in the Kitchen? (September 2004)

The Halifax Initiative Coalition and the Canadian Council for International Co-operation have co-authored the report "At the Table or in the Kitchen? CIDA's New Aid Strategies, Developing Country Ownership and Donor Conditionality," which seeks to understand the implications of three converging elements in CIDA's implementation of its 2002 policy the agency's reliance on PRSPs to define country priorities for poverty reduction, its support for program based approaches to deliver increasing aid budgets for poverty reduction, and its increased coordination with the World Bank and other major donors in these PBAs.

The G8, Globalization and Human Security

"The G8, Globalization and Human Security - a Resource Package and Facilitator's Guide" This package uses the lens of the G8 through which to examine issues of globalization and human security because of the central role the G8 plays in economics and global governance. This package was produced by the Alberta Council for Global Cooperation with the support of the Halifax Initiative Coalition.

G8 and debt

The on-going debt crisis of developing countries is integral to the perpetuation of an unjust economic system, one that concentrates wealth and power in the hands of a few. EVERY SINGLE DAY in 1999, $128 million was transferred from the poorest countries to the richest in debt repayments. For every one dollar in aid to developing countries, more than seven dollars comes back to rich countries in the form of debt servicing.

G8 and financial crises

The frequent financial crises of recent years has exposed the systemic instability of global finance and resulted in devastating impacts on human development. Financial liberalization has meant that governments have lost their ability to control the global flow of capital, thereby surrendering monetary and economic policy sovereignty to investment firms and large banks.

Submission to the International People’s Tribunal on the Debt (February 2002)

The on-going debt crisis of developing countries is integral to the perpetuation of an unjust economic system, one that concentrates wealth and power in the hands of a few.

G20 Counter Conference: Democratize it (October 2000)

In October 2000, the Halifax Initiative organized a three day event on the eve of the G20 Finance Ministers meeting in Montreal to discuss alternative proposals for the global financial system. The first day comprised of a film festival and Teach-In. An NGO strategy session was held for two days to explore ways the global financial system could contribute to the eradication of poverty and environment sustainability.

The World Bank and the G-7: Changing the Climate for Business (June 1997)

The consequences of the World Bank's fossil fuel expansion in the global South are proving devastating for the Earth's climate as greenhouse gases generated in mining and burning of fossil fuels are released into the Earth's atmosphere. The total of World Bank-financed fossil fuel-related emissions for Bank projects since the 1992 Earth Summit will result in 9.5 gigatons of carbon being emitted over the lifetime of the targeted oil, gas and coal fields, pipelines, and power plants;