Institutionalizing Trust? Regular Summitry (G7s and European Councils) from the Mid-1970s until the Mid-1980s

This chapter describes how the maintenance and fostering of trust was a crucial element in founding both the G7 summits and the European Council in the mid-1970s. Deeply anchored in the strong friendship between West German chancellor Helmut Schmidt and French president Valéry Giscard d'Estaing, both initiatives sought to deepen interpersonal relations as well as recover systemic trust in the Western (economic) systems in an informal, multilateral setting. The institutionalization and frequency of these meetings not only allowed for the development of a framework of informal coordination even in the absence of trust; it also provided a platform for the socialization of new leaders and a ritualistic display of Western unity, thus addressing potential international and domestic deficits of trust by “formalizing informality.”