A new grouping that is now in the making is the so-called Willard Group, called together earlier last year by the American Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System, for a special discussion on the world financial crisis.
The Group originally included 22 countries, being the major industrial countries and leading emerging market countries, including South Africa. At a meeting in Washington on 5 October 1998, three more countries from Europe were also invited to participate.