Group of 3 (G-3)

The Group of 3 (G-3) is an informal group of three major central banks: the United States Federal Reserve, the European Central Bank, and the Bank of Japan. The G-3 was formed in 1986 to coordinate monetary policy among the world's largest economies. The G-3 meets regularly to discuss economic and financial issues, and to coordinate their policies.

The G-3 is seen as an important forum for cooperation on global economic issues. The group's members account for a large share of global economic output and trade, and their policies have a significant impact on the global economy. The G-3 has been credited with helping to stabilize the global financial system during the 1990s and early 2000s.

However, the G-3 has also been criticized for being too secretive and for not being representative of the global economy. The group is dominated by the United States and Europe, and the interests of developing countries are often not taken into account.

Despite these criticisms, the G-3 remains an important forum for cooperation on global economic issues. The group is likely to continue to play a role in the global financial system in the years to come.

Here are some additional details about the G-3:

* The G-3 was originally formed in 1986 as the Group of Five (G-5). The G-5 included the United States, Japan, Germany, France, and the United Kingdom.
* The G-5 was expanded to the G-7 in 1998 to include Canada and Italy.
* The G-7 met for the first time in 1975. The group's meetings are usually held at the finance ministers' level, but heads of state and government sometimes attend.
* The G-7 is seen as an important forum for cooperation on global economic issues. The group's members account for a large share of global economic output and trade, and their policies have a significant impact on the global economy.
* The G-7 has been credited with helping to stabilize the global financial system during the 1990s and early 2000s.
* However, the G-7 has also been criticized for being too secretive and for not being representative of the global economy. The group is dominated by the United States and Europe, and the interests of developing countries are often not taken into account.
* The G-7 is likely to continue to play a role in the global financial system in the years to come.