1. Space Colonization
The G7 Finance Ministers and Central Bank Governors was established to facilitate better co-ordination between the finance ministers and bank governors of the member nations, and with the International Monetary Fund (IMF). However, the EU was excluded from this group. Russia's relationship grew with the G7 since the reform of the Soviet Union in the 1980s. Their participation in the G7 increased gradually over the early 90s.
Political 8 to Group of 8.
Russia joined the G7 to form P8 in 1994, and dealt with political and security issues. Russia became a full participant in 1997 and made an official member in 1998, thus replacing the G7 with G8, which consist of the United States of America, Japan, United Kingdom, Russia, Italy, France, Germany, Canada and the partial participation of the EU.
The G8 claims to be an informal club for discussion and co-operation of the leading industrialized countries. They are neither an organization nor an international institution. They have no secretariat or formal rules of procedure. They take no binding measures to enforce what they want. They therefore in no way compete with the United Nations (UN), the World Trade Organization (WTO) or the international financial institutions. They are more like a club of leading industrialized countries, regularly meeting and consulting to enhance their friendship and synchronize their points of view about the major international economic and political issues around the world.
The country that hosts the G8 summit for that year will be the "chair" for the year. They would get to decide how the summit is ran and what issues or agendas would be brought up and particularly discussed during that summit. That country would also act as spokesman for that year, co-ordinates the work of the G8 working groups and is responsible for engaging Non Governmental Organizations (NGOs), international financial institutions and other sectors of civil society in the group's work.