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What is the G20
The
Group of Twenty (G20) is the premier forum for
international
cooperation on the most
important issues of the global economic and
financial agenda.
The objectives of the G20 refer
to:
1. Policy coordination
between its members in order to achieve global
economic stability, sustainable
growth;
2. Promoting
financial regulations that reduce risks and
prevent future
financial
crises;
3. Modernizing
international financial architecture.
The G20 brings together finance
ministers and central bank governors
from 19 countries: Argentina,
Australia, Brazil, Canada, China, France,
Germany, India, Indonesia, Italy,
Japan, the Republic of Korea, Mexico,
Russia, Saudi Arabia, South Africa,
Turkey, the United Kingdom, the
United
States of America plus the European Union, which
is represented
by the President of the
European Council and by Head of the European
Central Bank.
The
G20 was formally established in September 1999
when finance
ministers and central bank
governors of seven major industrial countries
(Canada, France, Germany, Italy, Japan,
the United Kingdom and the
United
States) met in Washington, D.C. in the aftermath
of the financial
crisis of 1997-1998,
which revealed the vulnerability of the
international
financial system in
context of economic globalization and showed that
key developing countries were
insufficiently involved in discussions and
decisions concerning global economic
issues.
Finance ministers
and central bank governors started to hold annual
meetings after the inaugural meeting on
December 15-16, 1999, in Berlin.
The first meeting of the G20 Leaders
took place in Washington, D.C., on
November 14-15, 2008, where the Leaders
agreed to an action plan to
stabilize
the global economy and prevent future crises. As a
result the
premier forum acquired its
current name and significance.
At their first meeting in Washington,
the G20 Leaders achieved general
agreement amongst the G20 on how to
cooperate in key areas so as to
strengthen economic growth, deal with
the financial crisis and agreed
upon
three key objectives:
-
restoring global economic growth;
- strengthening the international
financial system;
-
reforming international financial institutions.
G20
was initiated in 1999 and consists of Argentina,
Australia, Brazil, Canada, China,
France, Germany, India, Indonesia,
Italy, Japan, Mexico, Republic of Korea, Russia,
Saudi Arabia, South Africa, Turkey, the
United Kingdom, the United States and the
European Union (EU).
Before
the
outbreak
of
global
financial
crisis
in
2008,
G20
meetings
of
Finance
Ministers and
Central Bank Governors were held to discuss
international financial and
monetary
policies, reform of international financial
institutions and world economic
development. The first G20 Leaders'
Summit was held in 2008. In September 2009,
the
Pittsburgh
Summit
announced
G20
as
the
premier
forum
for
international
economic
cooperation, marking an important progress in
global economic governance
reform. The
tenth Summit was held in Antalya ,Turkey in
November, 2015.
Some guest
countries
and the United
Nations, the
International
Monetary Fund, the
World
Bank,
the
World
Trade
Organization,
the
Financial
Stability
Board,
the
International
Labour Organisation, the Organisation
for Economic Co-operation and
Development(OECD) were also invited to
attend G20 Summit.
Engagement
groups
such
as
B20,
L20,
T20
also
convene
to
prepare
policy
recommendations for the G20 Summit
during the year.
2008
Washington
The first G20
Leaders
’
Summit was held
from 14-15 November 2008 in Washington D.C.,
United States of America.
The summit focused primarily on
strengthening financial regulation, with agreement
on a 47-point action plan to
improve
financial regulation over the medium
term.
A Declaration was
released at the conclusion of the
summit.
2009
London
G20 leaders met on 2
April 2009 in London, United Kingdom.
The summit focused on coordinated
fiscal and monetary stimulus measures with the
amount of 1.1 trillion US dollars
to
avert the threat of global depression, agreed on
additional resources for the IMF and multilateral
development
banks to assist countries
to weather the financial crisis and to establish
the Financial Stability Board.
A Leaders
’
Statement was released at the conclusion of the
summit.
2009
Pittsburgh
The G20
Leaders
’
Summit was held
from 24-25 September 2009 in Pittsburgh, United
States of America.
Leaders
designated the G20 to be the premier forum for
international economic cooperation, agreed to act
together
to
support
the
global
recovery
through
a
Framework
for
Strong,
Sustainable
and
Balanced
Growth
with
a
Mutual
Assessment
Process, and to reform global financial
institutions, such as the International Monetary
Fund and the World Bank.
A
Leaders
’
Statement was
released at the conclusion of the
summit.
2010
Toronto
The G20
Leaders
’
Summit was held
from 26-27th June 2010 in Toronto,
Canada.