Prime Minister José Luis Rodríguez Zapatero is a happy bunny again after eventually getting an invite to the global finance summit in Washington on November 15th.
The Bush administration wanted to limit the summit to the G-20, which includes the seven leading industrial powers plus Russia, as well as developing countries such as China, India, Argentina, Mexico and Brazil. Spain, despite being the world’s eighth largest economy, was excluded from the list and the Prime Minister has been campaigning for inclusion ever since the summit was announced, travelling all over the place to enlist support for his cause.
Eventually, it was the French President, Nicolas Sarkozy, who found a way to include Spain but without messing up the original concept of limitation.
France is not only a member of the G-7 but is also the holder of the EU presidency, something which gives them two seats at the summit. One of those seats will now be occupied by Spain.
So why not number 9? or 10? Regardless of the merits or otherwise of Spain’s inclusion, the groupings are clearly defined.
G7: A group of seven (not eight) industrial nations whose finance ministers meet several times a year. These being the USA, Canada, France, Germany, Italy, Japan and the United Kingdom.
G8: A group of eight nations whose heads of government meet annually. These being the USA, Canada, France, Germany, Italy, Japan, the United Kingdom and Russia.
G20: A group containing 19 of the world’s largest countries and economies plus the European Union (of which Spain is a member) and who account for 90% of global gross national product, 80% of world trade and two-thirds of the world’s population.