The Group of Seven leading industralized nations is a circus of fop and flop. Its governments have been unable to pursue disciplined or consistent fiscal and monetary policies. Now, when market interdependence is replacing realpolitik, the G-7 should be reformed. It should add on a council of ministers like the European Community's, a brainy, vocal secretariat and a wide-ranging agenda. This broader and deeper structure could help turn the G-7 into a liberal concert of powers.