The Group of Twenty (G-20) Finance Ministers and Central Bank Governorswas established in 1999 to bring together systemically importantindustrialized and developing economies to discuss key issues in the globaleconomy. The inaugural meeting of the G-20 took place in Berlin, onDecember 15-16, 1999, hosted by German and Canadian finance ministers.
The G-20 was proposed by former Canadian Finance Minister Paul Martin(later, Prime Minister) for cooperation and consultation on matterspertaining to the international financial system. It studies, reviews, andpromotes discussion (among key industrial and emerging market countries)of policy issues pertaining to the promotion of international financialstability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008Washington summit, its leaders announced on September 25, 2009, that thegroup will replace the G8 as the main economic council of wealthy nations.The heads of the G-20 nations met semi-annually at G-20 summits between2008 and 2011.
The G20 was established in 1999, in the wake of the 1997 Asian Financial Crisis,to bring together major advanced and emerging economies to stabilize the globalfinancial market. Since its inception, the G20 has held annual Finance Ministersand Central Bank Governors' Meetings and discussed measures to promote thefinancial stability of the world and to achieve a sustainable economic growth anddevelopment. To tackle the financial and economic crisis that spread across theglobe in 2008, the G20 members were called upon to further strengtheninternational cooperation. Accordingly, the G20 Summits have been held inWashington in 2008, in London and Pittsburgh in 2009, and in Toronto and Seoulin 2010.The concerted and decisive actions of the G20, with its balanced membership of developed and developing countries helped the world deal effectively with thefinancial and economic crisis, and the G20 has already delivered a number of significant and concrete outcomes: