G20:An Introduction

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.
MEMBERS:
There are 20 members of the G-20. These include 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
• South Korea
• Turkey
• 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.

OTHER BODIES PARTICIPATION IN G-20 MEET:

• 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

MAIN FOCUS:

• Development of the global economic and financial system.
• Reducing abuse of the financial system.
• Dealing with financial crisis.
• Reform of the international financial architecture