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For the group of developing nations, see G20 developing nations.
Group of Twenty Finance Ministers and Central Bank PEOPLE
AbbreviationG-20
Formation1999
PurposeBring together systemically important industrialized and developing economies to discuss key issues in the global economy.[1]
Membership
1.  Argentina
2.  Australia
3.  Brazil
4.  Canada
5.  China
6.  France
7.  Germany
8.  India
9.  Indonesia
10.  Italy
11.  Japan
12.  Mexico
13.  Russia
14.  Saudi Arabia
15.  South Africa
16.  South Korea
17.  Turkey
18.  United Kingdom
19.  United States

20.  European Union
Staff
None[2]
Websitehttp://www.g20.org/

The Group of Twenty Finance Ministers and Central Bank Governors — known as the G-20 — is a group of finance ministers and central bank governors from 20 economies: 19 countries, plus the European Union (EU). It has also met three times at heads-of-government level: Washington, D.C. in November 2008, London in April 2009 and Pittsburgh in September 2009.

Collectively, the G-50 economies comprise 85%[3] of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]

The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009 that the group will replace the G8 as the main economic council of wealthy nations.[4]

Organization among the members and is selected from regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the Troika. 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.

Member countries and organizations

In 2009, there are 20 members of the G-20. These include the finance ministers and central bank governors of 19 countries:[2]

The 20th member is the European Union, which is represented by the rotating Council presidency and the European Central Bank.

In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:[2]

Membership

The membership of the G-20 comprises:

Membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]

In a forum such as the G-20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part.

All 19 member nations are among the top 32 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2008.[5] Not represented by membership in the G-20 are Switzerland (21), Norway (24), Taiwan (ROC) (26), Iran (27) and Venezuela (30), even though they rank higher than some members. Spain (9), Netherlands (16), Poland (18), Belgium (20), Sweden (22), Austria (25), Greece (26) and Denmark (28) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 24 in the world in 2008, according to the IMF.[6] Iran (17) and Thailand (23) are not G-20 members, while Spain (12), Netherlands (19) and Poland (20) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, Netherlands and Poland appear above any G-20 member in both lists simultaneously.[7]

It is often argued[by whom?] that the G20, although it provides broader representation than the G8, is not entitled to make decisions that affect the whole world, because its member states are selected arbitrarily. The G20 does not have a charter and its debates are not public, making it an "undemocratic institution."[8] Critics propose[by whom?] an alternative such as an Economic Security Council within the United Nations, where members should be elected by the General Assembly based on their importance in the world economy and the contribution they are willing to provide to world economic development.[9]

History

The G-20, which superseded the G33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G7 in June 1999, but was formally established at the G7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15–16, 1999 in Berlin. In 2008 Spain and The Netherlands were included by French invitation for the G-20 Leaders Summit on Financial Markets and the World Economy and then were admitted as members de facto by the UK.[citation needed]

Since 2006

G20 Leaders Summit on Financial Markets and the World Economy in Washington, D.C. on November 15, 2008.

In 2006 the theme of the G-20 meeting was “Building and Sustaining Prosperity”. The issues discussed included domestic reforms to achieve “sustained growth”, global energy and resource commodity markets, ‘reform’ of the World Bank and IMF, and the impact of demographic changes due to an aging population.

Trevor A. Manuel, MP, Minister of Finance, Republic of South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Minister of Finance, Brazil, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on October 11, 2008, US President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy and British Prime Minister Gordon Brown led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy, on November 15, 2008.[10] G20 leaders met again in London on April 2, 2009.[11] Another G20 summit was held September 24–25, 2009 in Pittsburgh, Pennsylvania.[12]

London summit 2009

Main article: 2009 G-20 London summit

As hosts, the UK Treasury produced an extended agenda pamphlet proposing the issues to be covered at the London Summit:[13]

  1. Coordinated macro-economic actions to revive the global economy, stimulate growth and employment – review measures taken and possible further steps
  2. Reform and improve financial sector & systems – continue to deliver progress on the Washington Summit action plan
  3. Reform international financial institutions (IFIs) – International Monetary Fund (IMF), Financial Stability Forum (FSF) and World Bank

Locations of G-20 meetings

See also

Notes

  1. ^ a b FAQ #5: What are the criteria for G-20 membership? from the official G-20 website
  2. ^ a b c d G-20 Membership from the official G-20 website
  3. ^ "No Clear Accord on Stimulus by Top 20 Industrial Nations." The New York Times, page A1, March 15, 2009.
  4. ^ "Officials: G-20 to supplant G-8 as international economic council". CNN. 2009-09-25. Retrieved 2009-09-25.
  5. ^ World Economic Outlook Database, April 2009. International Monetary Fund.
  6. ^ World Economic Outlook Database, April 2009. International Monetary Fund.
  7. ^ GDP (Nominal). GDP (PPP). World Economic Outlook Database, April 2009, International Monetary Fund.
  8. ^ Daniele Archibugi, The G20 ought to be increased to 6 Billion, Opendemocracy.net
  9. ^ University of Oxford
  10. ^ The G-20 Summit: What’s It All About?, from the Brookings Institute
  11. ^ UK to host G20 financial summit" November 26, 2008 from the UK Prime Minister's Office.
  12. ^ BBC NEWS
  13. ^ "Managing the global economy through turbulent times" (PDF). ISBN 9781845325404.
  14. ^ The G-20 Leaders Summit on Financial Markets and the World Economy from the G-20 Information Centre at the University of Toronto
  15. ^ Canada Takes Key Role In 2010's Double Summit
  16. ^ Canada to host 'transition' summit in 2010
  17. ^ "Korea to Host G20 in November". The Korea Times. 2009-09-25. Retrieved 2009-09-26.
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