In the end, history always catches up. These days, it often catches up rather quickly. It is not yet two years since G8 leaders met in the earthquake-stricken Italian town of L’Aquila in the middle of the financial crisis to ponder the all-important issues of global present and future. Yet try to find anyone except a few bureaucrats who remembers where the meeting took place, what issues came up, what plans were adopted, or even who participated. Maybe the last one — it sounds really easy. The G8 summits bring together the leaders of the eight largest economies, i.e. the United States, Canada, Japan, Germany, Britain, France, Italy … and China? Wrong. The last one is Russia, which may not be a very large economy but certainly is a very large country.
It would be unfair to omit China entirely, so China makes up part of another grouping, also present at the summit. Comprising China, Mexico, Brazil, India, and South Africa, the G5, as it is now known, labors under even more obscurity than the G8, which is probably why some instead focus on the BRICS (Brazil, Russia, India, China, and South Africa) when talking about emerging economic powers.