G20 An overview

[Saqib Riaz]

G20 An overview GROUP OF Twenty Finance Ministers and Central Bank Governors

ESTABLISHED 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 Governance.

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·Ge rmany·India·Indonesia·Italy·Japan·Mexico·Russia·Sa udi 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
Chairs:
·
1999: Berlin, Germany
2000: Montreal, Canada
2001: Ottawa, Canada
2002: Delhi, India
2003: Morelia, Mexico
2004: Berlin, Germany
2005: Beijing, China
2006: Melbourne, Australia
2007: Cape Town, South Africa
2008: São Paulo, Brazil
2008: Washington, D.C., United States[14]
2009: London, United Kingdom
2009: Pittsburgh, United States
2010: Muskoka District Municipality,Canada
2010: South Korea



Canada’s Minister of Finance, Paul Martin, is the acting chairman of the G20 (as on July 2009).
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