From Daily Yomiuri On-Line: “In November 1975, Japan, the United States and four European countries held their first summit meeting on the world economy at Chateau de Rambouillet, an old castle on the outskirts of Paris that is used by French presidents for vacations.”
“The six countries, which were leaders in many sectors ranging from currency to trade, confirmed that they would all cooperate for the first time in history toward rebuilding the world economy, which had fallen into its worst postwar recession due to the autumn 1973 oil crisis.
It was a historic meeting for Japan, which had been on the path of economic reconstruction since the devastation of World War II. Thirty years after its defeat in 1945, it was accepted as a major player in the world economy, then led by the United States and a few European countries.
Another 30 years have passed since that first summit meeting. We have ushered in a new year that sees the world economy burdened with such risk factors as a sharp decline in the value of the U.S. dollar, soaring oil prices and a negative rebound from China’s overheated economy.”