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The G20 is the premier forum for 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 cooperation, and international financial institutions, the G20 helps to support growth and development across the globe.
The G20 was created in 1999 in response to the financial crises in the late 1990s, the growing influence of emerging market economies on the global economy, and their disproportionately modest participation in the decision-making process. G20 Leaders met for the first time in 2008 in Washington D.C. and at that time the G20 was to play a pivotal role in responding to the global economic and financial crisis.
The G20 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, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America, as well as the European Union, which is represented by the President of the European Council and by Head of the European Central Bank.
The Presidency of the G20 rotates annually among its members. The Presidency leads a three-member management group of the previous, current and future chairs, referred to as the Troika, the purpose of which is to ensure transparency, fairness, and continuity from one presidency to another. The G20 does not have a secretariat of its own. A temporary secretariat is set up by the country that holds the presidency for the term of chairmanship.
For more information about the G20, visit www.g20.org