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

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