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MADE BY : HARSIMRAN SINGH BAWA BFIA 1A 75122 SUBMITTED TO : MS. PRIYA GUPTA
WHAT IS THE G20?
The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies comprise more than 80 percent of the world's GDP, 85 percent of global gross national product.
The G-22 met at Washington D. Its aim was to involve non-G-7 countries in the resolution of global aspects of the financial crisis then affecting emerging-market countries. Prior to the G-20 creation.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 emergingmarket countries were not adequately included in the core of global economic discussion and governance. in April and October 1998. . similar groupings to promote dialogue and analysis had been established at the initiative of the G-7.C.
Such a regular dialogue with a constant set of partners was institutionalized by the creation of the G-20 in 1999. 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. 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. .
MANDATE The G-20 is the premier forum for our international economic development that promotes open and constructive discussion between industrial and emergingmarket 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.
MEMBER COUNTRIES The G-20 is made up of the finance ministers and central bank governors of 19 countries and the European Union: Italy Japan Mexico Russia Saudi Arabia South Africa Republic of Korea Turkey United Kingdom United States of America Argentina Australia Brazil Canada China European Union France Germany India Indonesia .
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.ACHIEVEMENTS The G-20 has progressed a range of issues since 1999. . G-20 countries committed to new higher standards of transparency and exchange of information on tax matters. reducing abuse of the financial system. including agreement about policies for growth. This aims to combat abuses of the financial system and illicit activities including tax evasion.
Accordingly. the G20 Summits have been held in Washington in 2008. . the G20 members were called upon to further strengthen international cooperation. and in Toronto and Seoul in 2010. To tackle the financial and economic crisis that spread across the globe in 2008. in London and Pittsburgh in 2009.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.
sustainable and balanced growth designed to enhance macroeconomic cooperation among the G20 members and therefore to mitigate the impact of the crisis. and the G20 has already delivered a number of significant and concrete outcomes: First. global governance has dramatically improved to better take into consideration the role and the needs of emerging of developing countries. Secondly . especially through the ambitious reforms of the governance of the IMF and the World Bank. and prudential regulation and supervision have been strengthened.The concerted and decisive actions of the G20.there was also great progress in policy coordination thanks to the creation of the framework for a strong. Finally. . with its balanced membership of developed and developing countries helped the world deal effectively with the financial and economic crisis. the scope of financial regulation has been largely broadened.
The incumbent chair establishes a temporary secretariat for the duration of its term. The G-20 chair rotates between members. which coordinates the group's work and organizes its meetings. In 2011 the G-20 chair is France. The chair is part of a revolving three-member management Troika of past. and is selected from a different regional grouping of countries each year.CHAIR Unlike international institutions such as the Organization for Economic Co-operation and Development (OECD). . the G-20 (like the G-7) has no permanent staff of its own. The role of the Troika is to ensure continuity in the G-20's work and management across host years. present and future chairs. IMF or World Bank.
FORMER G-20 CHAIRS 1999-2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Canada India Mexico Germany China Australia South Africa Brazil United Kingdom Republic of Korea .
. that aim to provide ministers and governors with contemporary analysis and insights. reports and case studies on specific subjects.MEETINGS AND ACTIVITIES It is normal practice for the G-20 finance ministers and central bank governors to meet once a year. to better inform their consideration of policy challenges and options. This technical work takes the form of workshops. The ministers' and governors' meeting is usually preceded by two deputies' meetings and extensive technical work.
INTERACTION WITH OTHER INTERNATIONAL ORGANISATIONS 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.
in progressing international and domestic economic policy reforms. other international groups and organizations. . and encourages.The G-20 also works with. In addition. experts from private-sector institutions and nongovernment organisations are invited to G-20 meetings on an ad hoc basis in order to exploit synergies in analyzing selected topics and avoid overlap. such as the Financial Stability Board and the Basel Committee on Banking Supervision.
In view of the objectives of the G-20. Aspects such as geographical balance and population representation also played a major part. it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. it was considered important that countries and regions of systemic significance for the international financial system be included. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. .WHAT ARE THE CRITERIA FOR G-20 MEMBERSHIP? In a forum such as the G-20.
. the G-20 publishes a communiqué which records the agreements reached and measures outlined. After each meeting of ministers and governors. Although participation in the meetings is reserved for members.EXTERNAL COMMUNICATION The country currently chairing the G-20 posts details of the group's meetings and work program on a dedicated website. Material on the forward work program is also made public. the public is informed about what was discussed and agreed immediately after the meeting of ministers and governors has ended.
CAN ALL MEMBER COUNTRIES EXERT EQUAL INFLUENCE? Achieving consensus is the underlying principle of G20 activity with regard to comments. recommendations and measures to be adopted. To this extent the influence a country can exert is shaped decisively by its commitment. . Every G-20 member has one 'voice' with which it can take an active part in G-20 activity. There are no formal votes or resolutions on the basis of fixed voting shares or economic criteria.
Mission. and Balanced Growth Strengthening the International Financial Regulatory System Modernizing our Global Institutions to Reflect Today's Global Economy.HOW ARE THE G-20 TAKING FORWARD WORK REMITTED TO FINANCE MINISTERS AND LEADERS? The G-20 Finance Ministers were tasked from the Pittsburg Summit to take forward work in the following areas : Framework for Strong. Reforming the Mandate. and Governance of the IMF . Sustainable.
Reforming the Mission. and Governance of Our Development Banks Energy Security and Climate Change Strengthening Support for the Most Vulnerable Putting Quality Jobs at the Heart of the Recovery An Open Global Economy . Mandate.
Equatorial Guinea. France. 2012 g20-g8. AU. Cannes .Singapore. Spain. G-20 (+ Ethiopia. Seoul summit. United Arab Emirates.NEPAD. CCASG. 2010 Mexico summit.2011 CANNES G-20 SUMMIT SUMMIT DETAILS Host country Date Venue(s) Participants France 3-4 November 2011 Palais des Festivals .com Follows Precedes Website .
on Nov. IMF/EU SUPERVISION OF ITALY ECONOMIC REFORMS Italy agreed to have the International Monetary Fund monitor its progress on a quarterly basis. FOREIGN EXCHANGE POLICY Agreement to move "more rapidly" towards market-determined exchange rate systems and enhance forex flexibility to reflect underlying fundamentals and avoid competitive devaluations. IMF RESOURCES Broad agreement to ramp up the IMF's warchest to help stop euro zone plunging the world back into recession. . 3-4.CANNES: Following are the main achievements of the Group of 20 heads of state summit in Cannes. France.
ACTION PLAN FOR JOBS. The convention also imposes safeguards to protect confidentiality of information. BANKS The G20 named 29 banks as being so important to the global financial system that they are likely to need to hold more capital than rivals and must put in place a plan to let them be wound up without taxpayer help were they to hit trouble. GROWTH Under a package to stimulate growth and employment. TAX HAVENS Agreement to a multilateral convention to tackle tax evasion more effectively that includes automatic exchange of information and tax collection assistance. the United States commits to timely near-term measures to sustain economic recovery. .
Leaders of the G20 countries present at the Cannes summit. .
President Barack Obama talks with Turkish Prime Minister during the G-20 Summit at the COEX Center in Seoul. South Korea. . 12. 2010. Nov.
.Group photo of the 2010 G-20 Toronto summit.
.Heads of state and government at the 2009 Pittsburgh G20 summit.
.Leaders of the G-20 countries present at the London Summit .
on 15 November 2008. .C. D.G20 Leaders Summit on Financial Markets and the World Economy in Washington.
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