The E. They have similar names and similar functions. While the G7 mainly has to do with politics , the G20 is a broader group that focuses on the global economy.

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Founded in after the Asian financial crisis in , the G20 started off as a meeting of finance ministers and central bank governors. However, as a response to the financial crisis of , the G20 was upgraded to head of state leve l in an inaugural summit in Washington, D. The G20 is an international forum for the governments and central bank governors from 19 countries and the The European Union EU is a political and economic union consisting of 27 member states.

Established in The Group of Eight G8 refers to the group of eight highly industrialized nations that hold a summit.

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