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What is the G-20

The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in
1999 to bring together systemically important industrialized and developing economies to
discuss key issues in the global economy. The inaugural meeting of the G-20 took place in
Berlin, on December 15-16, 1999, hosted by German and Canadian finance ministers.

Mandate

The G-20 is the premier forum for our international economic development that promotes open
and constructive discussion between industrial and emerging-market countries on key issues
related to global economic stability. By contributing to the strengthening of the international
financial architecture and providing opportunities for dialogue on national policies, international
co-operation, and international financial institutions, the G-20 helps to support growth and
development across the globe.

Origins

The G-20 was created as a response both to the financial crises of the late 1990s and to a
growing recognition that key emerging-market countries were not adequately included in the
core of global economic discussion and governance. Prior to the G-20 creation, similar groupings
to promote dialogue and analysis had been established at the initiative of the G-7. The G-22 met
at Washington D.C. in April and October 1998. Its aim was to involve non-G-7 countries in the
resolution of global aspects of the financial crisis then affecting emerging-market countries. Two
subsequent meetings comprising a larger group of participants (G-33) held in March and April
1999 discussed reforms of the global economy and the international financial system. The
proposals made by the G-22 and the G-33 to reduce the world economy's susceptibility to crises
showed the potential benefits of a regular international consultative forum embracing the
emerging-market countries. Such a regular dialogue with a constant set of partners was
institutionalized by the creation of the G-20 in 1999.

Membership

The G-20 is made up of the finance ministers and central bank governors of 19 countries:
  Argentina
 Australia
 Brazil
 Canada
 China
 France
 Germany
 India
 Indonesia
 Italy
 Japan
 Mexico
 Russia
 Saudi Arabia
 South Africa
 Republic of Korea
 Turkey
 United Kingdom
 United States of America

The European Union, who is represented by the rotating Council presidency and the European
Central Bank, is the 20th member of the G-20. To ensure global economic fora and institutions
work together, the Managing Director of the International Monetary Fund (IMF) and the
President of the World Bank, plus the chairs of the International Monetary and Financial
Committee and Development Committee of the IMF and World Bank, also participate in G-20
meetings on an ex-officio basis. The G-20 thus brings together important industrial and
emerging-market countries from all regions of the world. Together, member countries represent
around 90 per cent of global gross national product, 80 per cent of world trade (including EU
intra-trade) as well as two-thirds of the world's population. The G-20's economic weight and
broad membership gives it a high degree of legitimacy and influence over the management of the
global economy and financial system.

Achievements

The G-20 has progressed a range of issues since 1999, including agreement about policies for
growth, reducing abuse of the financial system, dealing with financial crises and combating
terrorist financing. The G-20 also aims to foster the adoption of internationally recognized
standards through the example set by its members in areas such as the transparency of fiscal
policy and combating money laundering and the financing of terrorism. In 2004, G-20 countries
committed to new higher standards of transparency and exchange of information on tax matters.
This aims to combat abuses of the financial system and illicit activities including tax evasion.
The G-20 has also aimed to develop a common view among members on issues related to further
development of the global economic and financial system. 
To tackle the financial and economic crisis that spread across the globe in 2008, the G-20
members were called upon to further strengthen international cooperation. Since then, the
concerted and decisive actions of the G-20 helped the world deal effectively with the current
financial and economic crisis. The G-20 has already delivered a number of significant and
concrete outcomes. For examples, it committed to implement the unprecedented and most
coordinated expansionary macroeconomic policies, including the fiscal expansion of US$5
trillion and the unconventional monetary policy instruments; significantly enhance the financial
regulations, notably by the establishment of the Financial Stability Board(FSB); and substantially
strengthen the International Financial Institutions(IFIs), including the expansion of resources and
the improvement of precautionary lending facilities of the IFIs.

Reflecting on these achievements and recognizing that more needs to be done to ensure a strong,
sustained and balanced global recovery, the G-20 Leaders at Pittsburgh Summit designated the
G-20 as the premier forum for international economic cooperation.

Chair

Unlike international institutions such as the Organization for Economic Co-operation and
Development (OECD), IMF or World Bank, the G-20 (like the G-7) has no permanent staff of its
own. The G-20 chair rotates between members, and is selected from a different regional
grouping of countries each year. In 2010 the G-20 chair is the Republic of Korea, and in 2011 it
will be France.  The chair is part of a revolving three-member management Troika of past,
present and future chairs. The incumbent chair establishes a temporary secretariat for the
duration of its term, which coordinates the group's work and organizes its meetings. The role of
the Troika is to ensure continuity in the G-20's work and management across host years.

Former G-20 Chairs

 1999-2001 Canada
 2002 India
 2003 Mexico
 2004 Germany
 2005 China
 2006 Australia
 2007 South Africa
 2008 Brazil
 2009 United Kingdom

Meetings and activities

It is normal practice for the G-20 finance ministers and central bank governors to meet once a
year. The last meeting of ministers and governors was held in St. Andrews, UK on 6-7
November 2009.  The ministers' and governors' meeting is usually preceded by two deputies'
meetings and extensive technical work. This technical work takes the form of workshops, reports
and case studies on specific subjects, that aim to provide ministers and governors with
contemporary analysis and insights, to better inform their consideration of policy challenges and
options.

2010 G20 Events

Deputies Meeting, February 27-28, Korea. (Incheon Songdo)

Meeting of Finance Ministers and Central Bank Governors, April 23, USA. (Washington, D.C)

Meeting of Finance Ministers and Central Bank Governors, June 4-5, Korea. (Busan)

G20 Summit Meeting, June 26-27, Canada. (Toronto)

Deputies Meeting, September 4-5, Korea. (Gwangju)

Deputies Meeting, October 7, USA. (Washington, D.C)

Meeting of Finance Ministers and Central Bank Governors, October 22-23, Korea. (Gyeongju)

G20 Summit Meeting, November 11-12, Korea (Seoul)

Interaction with other international organizations

The G-20 cooperates closely with various other major international organizations and fora, as the
potential to develop common positions on complex issues among G-20 members can add
political momentum to decision-making in other bodies. The participation of the President of the
World Bank, the Managing Director of the IMF and the chairs of the International Monetary and
Financial Committee and the Development Committee in the G-20 meetings ensures that the G-
20 process is well integrated with the activities of the Bretton Woods Institutions. The G-20 also
works with, and encourages, other international groups and organizations, such as the Financial
Stability Board and the Basel Committee on Banking Supervision, in progressing international
and domestic economic policy reforms. In addition, experts from private-sector institutions and
non-government organisations are invited to G-20 meetings on an ad hoc basis in order to exploit
synergies in analyzing selected topics and avoid overlap.

External communication

The country currently chairing the G-20 posts details of the group's meetings and work program
on a dedicated website. Although participation in the meetings is reserved for members, the
public is informed about what was discussed and agreed immediately after the meeting of
ministers and governors has ended. After each meeting of ministers and governors, the G-20
publishes a communiqué which records the agreements reached and measures outlined. Material
on the forward work program is also made public