G7 meeting

In terms of currencies, this is the case. No G7 government, including that of Japan, has indulged in a big market intervention since 2004. With the arguable exception of France, none bothers to pretend that their words can influence freely traded exchange rates. When it comes to altering fixed exchange rates, in particular the renminbi, the G7 has a hopeless track record. This is despite some pretty unambiguous statements aimed at Beijing. In February, the G7 finance ministers said it was desirable that exchange rates moved, especially that of China. This time round, the Bank of China, unawed, has bothered only to send its deputy governor to observe.

Yet there is a fair case that the G7's influence in other areas may be on the rise. Credit market difficulties this year are likely to prompt regulatory reviews of bank supervision, rating agencies, accounting for derivatives, and hedge funds. The G7 may set the climate for how harsh the regulatory backlash will be. And the meeting may initiate the formulation of a co-ordinated policy to control the activity of sovereign wealth funds. The glory days of playing God with the dollar over dinner may be over but the era when countries plead to leave, rather than join, G7 meetings, still looks some way off.