This post introduces G-20, why it came into existence and its members.
G-20 is GROUP OF Twenty Finance Ministers and Central Bank Governors.
ESTABLISHMENT DATE: December 15-16, 1999 at Berlin, Inaugural meeting is hosted by German and Canadian finance ministers.
WHY G-20 CAME INTO EXISTENCE:
Came into existence following the financial crises of 1990s in emergent market economies (EMEs).
Emerging economies were not presented popularly in Global economic discussions and Goivernance.
There are 20 members of the G-20. These include the finance ministers and central bank governors of 19 countries.
- Saudi Arabia
- South Africa
- South Korea
- United Kingdom
- United States of America
- 20th member of G-20 is European Union, which is represented by the rotating Council presidency and the European Central Bank.
- The European Central Bank
- The Managing Director of the International Monetary Fund.
- The Chairman of the IMFC
- The President of the World Bank
- The Chairman of the Development Committee
- Development of the global economic and financial system.
- Reducing abuse of the financial system.
- Dealing with financial crisis.
- Reform of the international financial architecture