To give readers a sense of their importance, the words “Group of Eight” are usually followed by “leading”, “richest”, “largest” or “most important” economies in the world. In 2008, the G8 must learn to live with a new world order.

Its economic problems – and there are quite a few – will occupy more time for leaders at the summit than desired. And it is all the direct result of the G8’s dwindling importance in the global economy.