The G7's precursor was the 'Group of Six'. It was founded ad hoc in 1975, consisting of finance ministers and central bank governors from France, West Germany, Italy, Japan, the United Kingdom and the United States, when Giscard d'Estaing invited them for an "informal gathering at the chateau of Rambouillet, near Paris [...] in a relaxed and private setting". The intent was "to discuss current world issues (dominated at the time by the oil crisis) in a frank and informal manner". The G6 followed an unofficial gathering starting in 1974 of senior financial officials from the United States, the United Kingdom, West Germany, Japan and France. They were called the "Library group" or the "Group of Five" because they met informally in the White House Libraryin Washington, DC.:34 (this is not to be confused with the current, but completely different "Group of Five", a group of the five top nations with emerging economies formed in 2005). The "Library Group" were the top five of the world's then leading economies as ranked by per capita GDP.
Canada became the seventh member to begin attending the summits in 1976, after which the name 'Group 7' or G7 Summit was used.Until 1986, there was still a "Group of Five" or "G5", a main policy coordination group of Finance Ministers and Central Bankers, but during Tokyo Economic Declaration in 1986, Canada and Italy were officially added, replacing the "G5" with a new "Group of Seven" or "G7" Forum.