G7 performance on macroeconomic policy, 1975–2023
100
75
50
25
0
Compliance (%)
Conclusions (% words)
Commitments (%)
However, this then dropped sharply: at the 2021 Cornwall Summit to only 4%, at the 2022 Elmau Summit to 3% and at the 2023 Hiroshima Summit to only 2%. COMPLIANCE G7 members have complied with the 25 macroeconomic policy commitments assessed by the G7 Research Group at a high level of 85% – above the G7’s all-time 77% average across all subjects. Over the years, G7 compliance has been relatively stable at this high level. The first two summits with assessed commitments, made in 1996 and 1999, averaged compliance of 100% each. Subsequently only three dips came. For commitments made in 2003 and 2004, compliance averaged 63% and 61%, respectively. It peaked again for 2008 with 100% and stayed high at 95% for 2011. It lowered to 63% for 2016. Then it increased to 82% for 2017 and again to 100% for 2018. For the 2020 virtual summit, during the Covid-19 crisis, compliance was 75%. Average compliance since increased to 82% for 2021 and to 100% for 2022. By December 2023, macroeconomic compliance for the 2023 Hiroshima Summit was 100%. Among G7 members, the highest compliance has come from the United
The inclusion of a reference to the private sector correlates with higher compliance. The one assessed commitment with such a reference averaged 100%, much higher than the overall 85% compliance on macroeconomics. Commitments that link to jobs or employment average 86%, slightly higher for those without such linkages. Commitments with links to education performed particularly well, averaging 94%, compared to 84% for those without. The number of companion commitments on related subjects does not appear to improve compliance significantly. However, a higher number of companion commitments on macroeconomics is correlated with a higher rate of compliance with the assessed commitments. For summits with more than 10 commitments on macroeconomics, their average compliance was 89%, compared to 75% for summits with fewer than 10 macroeconomics commitments. Overall, G7 leaders should continue to build on the momentum of the recent high performance in compliance and reverse their long-term trend of declining performance in deliberation and decision-making on macroeconomic policy.
From 1975 to 1982, on average G7 leaders dedicated 32% of their communiqués to macroeconomics” States, Canada and France, each at 89%. During the G8 years from 1998 to 2013, Russia led with 95%. Then came the European Union at 87%, the United Kingdom and Germany at 85%, Japan at 81%, and Italy at 73%. CAUSES AND CORRECTIONS To improve compliance with their macroeconomic commitments, G7 leaders can use low-cost accountability measures that have coincided with higher compliance.
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globalgovernanceproject.org
2024 — G7 ITALY: THE APULIA SUMMIT
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