Why should we care about the G8 and what they say about the future of the world economy, carbon emissions and all the other stuff that is emerging from their summit meeting in Hokkaido?

So they are the world's eight largest economies and that must matter? Well, no. There was a time when the Group of Seven as it then was, did indeed represent the world's largest economies - Russia was later co-opted into the club as a reward for dumping Communism - but not any more.

For the G8 represents the old economic powers, not the new ones. If you are worrying about the scale of the forthcoming global downturn, what China does is as important as what the United States or the European Union does, for China is adding more demand to the world than either the US and Europe.

If you are worried about the price of oil, what matters is the capacity of the Middle East to produce more of it, and the additional demand from China and India. If you are worried about carbon emissions in 2050, well, what the present G8 pledges or does not pledge is only marginally relevant to what happens. In the world economy, the times they are a-changin'.

http://www.independent.co.uk/opinion/commentators/hamish-mcrae/hamish-mcrae-the-g8-countries-may-run-the-old-world-economy-but-its-the-new-one-that-matters-862892.html