An association of the world’s eight largest industrial democracies. The Group was originally the Group of 7 (G7) but became G8 in 1998 when Russia joined. The G7 was set up in 1975 with the aim of coordinating efforts to promote growth and stability in the world economy, and to bring the world’s key exchange rates into line. The original five members (France, Japan, the UK, the USA, and West Germany) were joined in 1976 by Canada and Italy, with the EC acquiring observer status in 1977. The 1991 summit was marked by the invitation to the then Soviet President Mikhail Gorbachev to attend post-summit discussions on the Soviet economy’s transition to a free market. The G8 has no permanent headquarters, but holds regular meetings between the finance ministers and the governors of the central banks of member countries. The annual meeting of the G8 heads of state is of growing importance, and has expanded to include discussion of key foreign policy issues. However, the G8 was suspended in 2014 following Russia’s annexation of the Crimea.