What Currencies Does the G7 Nations Use?
Currencies that are used in the G7, or Group of Seven, countries include the U.S. Dollar, Canadian Dollar, Pound Sterling, Japanese Yen and Euro. The G7 is made up of the United States, Canada, France, Germany, Italy, Japan and the United Kingdom. Of the seven members of the G7, France, Germany and Italy are part of the Euro zone and share the same currency.
At its formation in 1975, the G7 was made up of only six countries, with Canada being invited to join the organization a year later. Officials belonging to the G7 countries hold semi-annual meetings to discuss matters of international economics and global monetary issues. As of 2014, China, despite being the third-biggest economy in the world, is not part of the G7 as it is still considered a developing country.
The G7 was initially founded as a platform to coordinate macroeconomic initiatives in response to the economic upheavals of the early 1970s, such as the foreign exchange collapse and the energy crisis of this period. G7 countries also belong to a larger formal organization called the G8, with Russia being the additional member of the organization. The organization has faced criticism for choosing to exclude some of the world’s largest emerging economies, such as Brazil, China and India.