21 May 2016 Current Affairs: Finance ministers and central banks governor from the Group of Seven developed nations kicked off the first day of their meeting in Sendai, Japan. They have held discussions on the world economy, ahead of next week's G7 summit (26-27th May), to be held in Ise-Shima, central Japan. The participants countries in 42 G-7 summit 2016 are France, Germany, Italy, Japan, United Kingdom, Canada, Unites States and European Union.
Ahead of G-7 summit kickoff, the G-7 financial leaders discussed the future of the global economy with noted economists, including Nobel laureate Robert Shiller, a professor at Yale University, and Martin Feldstein, a professor at Harvard University. The participants are said to have exchanged views on what their governments can do to put the global economy back on track and achieve sustainable growth. Among world economic issues that they have discussed are the slowing Chinese economy and lower crude oil prices.
They also discussed ways of dealing with tax evasion and questionable tax avoidance in reaction to disclosures in the Panama Papers.
G7 summits : G7 summits are annual top-level meetings attended by the heads of the G7 (group of seven) nations and the President of the European Commission.
At the summits, the heads of states gather at a round table and try to reach a consensus and make decisions by freely exchanging views on various global issues faced by the international community. After each summit, a communique containing the main results is issued. Under the leadership of the heads, the summits have provided key opportunities to effectively address the issues which need to be solved swiftly by the international community.
Japan will assume the G7 presidency for one year from January to December 2016. The summit will be held in Japan for the first time since the Hokkaido Toyako Summit in 2008, eight years ago.