Concept
G7
Related concepts (26)
1973–1975 recession
The 1973–1975 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the overall post–World War II economic expansion. It differed from many previous recessions by involving stagflation, in which high unemployment and high inflation existed simultaneously. Among the causes were the 1973 oil crisis, the deficits of the Vietnam War under President Johnson, and the fall of the Bretton Woods system after the Nixon shock.
1970s energy crisis
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports. The crisis began to unfold as petroleum production in the United States and some other parts of the world peaked in the late 1960s and early 1970s.
Fossil fuel subsidies
Fossil fuel subsidies are energy subsidies on fossil fuels. They may be tax breaks on consumption, such as a lower sales tax on natural gas for residential heating; or subsidies on production, such as tax breaks on exploration for oil. Or they may be free or cheap negative externalities; such as air pollution or climate change due to burning gasoline, diesel and jet fuel. Some fossil fuel subsidies are via electricity generation, such as subsidies for coal-fired power stations.
Paolo Gentiloni
Paolo Gentiloni Silveri (ˈpaːolo dʒentiˈloːni; born 22 November 1954) is an Italian politician who has served as European Commissioner for Economy in the von der Leyen Commission since 1 December 2019. He previously served as prime minister of Italy from December 2016 to June 2018. After a lengthy career in local politics, Gentiloni was elected to the Chamber of Deputies in 2001. He served in the Cabinet under Romano Prodi as Minister of Communications from 2006 to 2008.
G8+5
The Group of Eight + Five (G8+5) was an international group that consisted of the leaders of the heads of government from the G8 nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom, and the United States), plus the heads of government of the five leading emerging economies (Brazil, China, India, Mexico, and South Africa). In March 2014, Russia was cast out of the Group of 8 due to its involvement in the 2014 Crimea crisis in Ukraine, so the G8+5 in its original form is unlikely to reconvene with Russia present.
Christian Lindner
Christian Wolfgang Lindner (born 7 January 1979) is a German politician of the Free Democratic Party (FDP) who has been serving as the Federal Minister of Finance since 8 December 2021. He has been the party leader of the liberal FDP since 2013 and a Member of the Bundestag (MdB) for North Rhine-Westphalia since 2017, previously holding a seat from 2009 until 2012. Christian Lindner was born in Wuppertal, West Germany. His father Wolfgang Lindner is a teacher of mathematics and computer science at the Städtisches Gymnasium in Wermelskirchen.