The world has come a long way since the spring of 1973, when U.S. Treasury Secretary George Schultz met with the finance ministers of France, West Germany, and the United Kingdom in the library of the White House to discuss the international financial system after the collapse of the Bretton Woods agreement on fixed exchange rates. In creating the Library Group, the United States sought a more candid and informal grouping, one less dominated by European countries than the Group of Ten (G10). There were important subsequent efforts to include emerging powers in the discussion, such as the Willard Group, the Group of Thirty-Three (G33), and the creation of the G20 at the ministerial level in September 1999, but the Group of Seven (G7) remained the leading economic policy coordination body. It was not until 2008, when the G20 was raised to the leaders’ level, that the goal of “broaden[ing] the discussions on key economic and financial policy issues among systemically significant economies and promot[ing] cooperation to achieve stable and sustainable world economic growth that benefits all” was achieved.
(via Robert Kahn)