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scientists disagree on the G-7While political analysts were quick to declare the end of the G-7's coherence, integrity and usefulness, markets were unfazed.Representatives of the United States accused the other G-7 members of "unfair trade practices," which they claim have disproportionately harmed the U.S. economy and its workers.Here, all other G-7 members agree that America's grievances are legitimate, and that they are being harmed as well.The failed G-7 summit dealt a very public blow to a once-powerful grouping that had already been challenged by global economic re-alignment, the emergence of the more representative G-20, and new forms of regionalism.More fundamentally, markets have been conditioned to postpone significant price adjustments until there is overwhelming evidence of negative economic and financial effects.That is likely to be the right approach for the G-7 summit, too – and not just because the body's impact on global outcomes has diminished in recent years.The G-7 has not been dealt a fatal blow; it still can and will play a role on the global stage – albeit a less important one.
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