G7 is a group consisting of Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented within the G7. These countries are the seven major advanced economies as reported by the International Monetary Fund. Formally called G8 with Russia in it, but due to Crimean crisis Russia was ejected from the group. The organization was founded to facilitate shared macroeconomic initiatives by its members in response to the collapse of the exchange rate 1971, during the time of the Nixon Shock, the 1970s energy crisis and the ensuing recession. The group meets annually on summit site to discuss economic policies, while the G7 finance ministers have met at least semi-annually, up to 4 times a year at stand-alone meetings.