- G20 industrial nations
The G20 (Group of 20) is a group consisting of 19 of the world's largest economies, together with the
European Union. The G20 was formed as a new 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.
The G20, which superseded the Group of 33, which had itself superseded the
G22, was foreshadowed at the Cologne Summit of the G7in 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, 1999in Berlin.
The membership of the G20 comprises the finance ministers and central bank governors of the G7, 12 other key countries, and the
European UnionPresidency (if not a G7 member); the European Central Bank; the Managing Director of the International Monetary Fund; the Chairman of the IMFC; the President of the World Bank; and the Chairman of the Development Committee. The Honourable Trevor A. Manuel, MP, Minister of Finance, Republic of South Africa, was the chairperson of the G20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Minister of Finance, Brazil, is the chairperson of the G20 in 2008 when the Secretariat is hosted by Brazil.
In 2006 the theme of the G20 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.
In 2008, the host country
Brazilhas 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, USPresident George W. Bushstated that the next meeting of the G20 would be important in finding solutions to the economic crisis of 2008.
Goals of the G20
The primary goal of the G20 is to discuss and develop policies that promote the "high and sustainable growth" of the global economy. It does this in part through promoting policies consistent with the G20 Accord for Sustained Growth agreed to in 2004. This Accord stresses a range of policies, including:
* The elimination of restrictions on the international movement of capital
* Flexible labour market conditions
* Enforcement of intellectual and other private property rights
* Creating a business climate conducive to foreign direct investment
* Global trade liberalisation (through the WTO and bilateral free trade agreements)
The G20 operates without a permanent secretariat or staff. The chair rotates between members annually, and is selected from a different regional grouping of countries each year. The chair is part of a revolving three-member management Troika of past, present and future chairs. 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 G20's work and management across host years.
Cities that have hosted the G20 Summits
Melbourne, Australia"see: 2006 G20 summit"
Cape Town, South Africa
Future hosts of G20 Summits
2006 G20 Summit
* [http://www.g20.org G20 homepage]
Wikimedia Foundation. 2010.
Look at other dictionaries:
G20 — Postal code= * Maryhill, postcode prefix of the district in Glasgow, ScotlandG20 disambiguationG20 or G 20 or Group of 20 may also refer to: * G20 industrial nations, an economic forum consisting of 19 of the world s largest economies, together… … Wikipedia
2006 G20 summit — The 2006 G 20 Meeting of Finance Ministers and Central Bank Governors was held in Melbourne, Australia between November 18 and November 19 2006. Issues discussed included the outlook for the global economy; developments in resource markets and… … Wikipedia
Newly industrialized country — Newly industrialized countries as of 2011. The category of newly industrialized country (NIC) is a socioeconomic classification applied to several countries around the world by political scientists and economists. NICs are countries whose… … Wikipedia
Outline of Turkey — The Fla … Wikipedia
Foreign relations of India — The Republic of India is the world s most populous democracy and has one of the fastest economic growth rates in the world (8.9 percent GDP increase in 2007, the second fastest major economy in the world after China). [… … Wikipedia
November 2006 — was the eleventh month of that year. It began on a Wednesday and 30 days later, ended on a Thursday. Current events of 1 November 2006 (2006 11 01) (Wednesday) … Wikipedia
Economy of South Korea — The economy of South Korea is the third largest in Asia and the 13th largest in the world by GDP (PPP) as of 2007. In the aftermath of the Korean War, South Korea grew from a poor developing country to a wealthy developed country. From the mid to … Wikipedia
Foreign relations of the African Union — The individual member states of the African Union (AU) coordinate foreign policy through this agency, in addition to conducting their own international relations on a state by state basis. The AU represents the interests of African peoples at… … Wikipedia
Accession of Turkey to the European Union — Infobox EU accession bid status = Candidate nation = Turkey national denonym = Turkish chapters opened = 10 chapters closed = 1 national GDP PPP = 941.584 national area total = 783,562 national population = 70,586,256 website =… … Wikipedia
Economy of Turkey — Infobox Economy country = Turkey currency = New Turkish lira (YTL) year = calendar year organs = G 20 industrial nations, OECD, EU Customs Union, WTO, ECO, BSEC rank = 15 gdp = $941.6 billion [http://www.imf.org/external/pubs/ft/weo/2008/01/weodat… … Wikipedia