what is the group of seven g 7 
the group of seven g 7 is an intergovernmental organization made up of the world s largest developed economies france germany italy japan the united states the united kingdom and canada government leaders of these countries meet periodically to address international economic and monetary issues with each member taking over the presidency on a rotating basis the g 7 was for a while known as the group of eight g 8 until 2014 when former member russia was removed after annexing the region of crimea illegally from ukraine the european union eu is sometimes considered to be a de facto eighth member of the g 7 since it holds all the rights and responsibilities of full members except to chair or host meetings 