Paul Martin, the Canadian foreign minister and future prime minister, pushed that it be a summit of leaders. In the beginning, he served as the meeting's principal architect at the level of the finance minister.
It was primarily a reaction to the 1997 Asian Debt Crisis, which had its roots in the 1990s debt crisis that started in Mexico. Russia's economic collapse, followed by its effects on the United States. The most notable example of this was the 1998 collapse of the hedge fund Long-Term Capital Management.
The G7 and G8, together with the Bretton Woods System, were unable to produce financial stability due to the recent fast globalization. The 2007–2010 Global Financial Crisis has increased the urgency of the situation.
It was crucial to develop plans to stop the economy from collapsing at the most recent summit since there was so much at stake. The unrest will worsen unless something happens to change it, with the situation in almost every country approaching another critical stage and the unemployment rate at its peak in several of them.
With so much on the line, one may question why President Trump, the duly elected leader of the USA, opted to skip the meeting while the president of the World Bank gave his speech. Ivanka Trump took a seat at the head of the table, between the leaders.
The question is whether Trump can work well with others on something this significant, or if he is so detached from reality that it doesn't bother him. He definitely has a different outlook than his predecessors, who worked hard to secure this summit and put it to the benefit of the entire globe. Without robust backing from the USA, the upcoming financial crisis could be even worse than those that have come before it."""