G-20 Summit

Synopsis

Introduction
Organization
Member Countries & Organization
History
Former G20 Chair
Objective of G20 Summit
Invites
Summits
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Synopsis

Critiques
FAQ

Introduction

The Group of Twenty Finance Ministers and

Central Bank Governors (G-20, G20, Group
of Twenty) is a group of finance ministers and
central bank governors from 20 economies: 19
countries plus the European Union, which is
represented by the President of the European
Council and by the European Central Bank. Their
heads of government or heads of state have also
periodically conferred at summits since their
initial meeting in 2008. Collectively, the G-20
economies comprise 85% of global gross national
product, 80% of world trade (including EU intratrade) and two-thirds of the world population
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Organization

The G-20 operates without a permanent

secretariat or staff.
The chair rotates annually among the members
and is selected from a different regional grouping
of countries.
The chair is part of a revolving three-member
management group of past, present and future
chairs referred to as the Troika.
The role of the Troika is to ensure continuity in
the G-20's work and management across host
years. The current chair of G20 is South Korea;
after the G20 Summit during November 11-12, it
will be handed over to France.
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Member Countries & Organization

In 2010, there are 20 members of the G20. These include, at the leaders summits,
the leaders of 19 countries and of the
European Union, and, at the ministeriallevel meetings, the finance ministers and
central bank governors of 19 countries and
of the European Union. In addition, Spain
and the Netherlands took part in the last
35 meetings despite not being recognized
members.
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Members

Japan
Mexico
Russia
Saudi Arabia
South Africa
Republic of Korea
Turkey
United Kingdom
United States of America
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Members

Argentina
Australia
Brazil
Canada
China
France
Germany
India
Indonesia
Italy
European Union

In addition to these 20 members, the

following forums and institutions, as
represented by their respective chief
executive officers, participate in
meetings of the G-20

the Managing Director of the International Monetary

Fund
the Chairman of the International Monetary Fund
the President of the World Bank
International Monetary and Financial Committee
the Chairman of the Development Committee
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History
The G-20 was created as a response both to
the financial crises of the late 1990s and to a
growing recognition that key emergingmarket countries were not adequately
included in the core of global economic
discussion and governance. Prior to the G-20
creation, similar groupings to promote
dialogue and analysis had been established at
the initiative of the G-7.

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History
The G-22 met at Washington D.C. in April and
October 1998. Its aim was to involve non-G-7
countries in the resolution of global aspects of
the financial crisis then affecting emergingmarket countries. Two subsequent meetings
comprising a larger group of participants (G33) held in March and April 1999 discussed
reforms of the global economy and the
international financial system.

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History
The proposals made by the G-22 and the
G-33 to reduce the world economy's
susceptibility to crises showed the
potential benefits of a regular international
consultative forum embracing the
emerging-market countries. Such a
regular dialogue with a constant set of
partners was institutionalized by the
creation of the G-20 in 1999.
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Former G-20 Chairs

1999-2001 Canada
2002 India
2003 Mexico
2004 Germany
2005 China
2006 Australia
2007 South Africa
2008 Brazil
2009 United Kingdom
2010 South Koriya

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Objective of G-20 Summit

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.
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Objective of G-20 Summit

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Invites

The invitees are chosen by the host country.

For the 2010 summits, for example, both Canada
and South Korea invited Ethiopia (chair of
NEPAD), Malawi (chair of the African Union),
Vietnam (chair of ASEAN), and Spain.
Canada also invited the Netherlands (world's 16th
largest economy) while Korea invited Singapore.
Canada and South Korea invited seven
international organizations: the United Nations,
the International Labor Organization, the World
Bank, the International Monetary Fund, the
Organization for Economic Cooperation and
Development, the World Trade Organization, and
the Financial Stability Board.
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Summits

Date
1st
D.C.
2nd
3rd
4th
5th
6th
7th

Host country
November 2008

April 2009
September 2009
June 2010
November 2010
November 2011
2012

United States
United Kingdom
United States
Canada
South Korea
France
Mexico

Host city
Washington,
London
Pittsburgh
Toronto
Seoul
Cannes
TBD

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Critiques

Global Governance Group (3G) response

everybody wants 21st largest nation in the world, they
want the G-21, and think it's highly unfair if they have been
cut out.
Norway is the largest contributor to development programs
in the World Bank and United Nations, it is not a member of
the E.U. and thus not represented in the G-20 even
indirectly.
Norway, like the other 180 nations not among the G-20,
has little or no voice within the group. Store characterized
the G-20 as a "self-appointment group.
Expanse of large amount of money.

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FAQ

What are the criteria for G-20 membership ?

In a forum such as the G-20, it is particularly
important for the number of countries involved to
be restricted and fixed to ensure the effectiveness
and continuity of its activity. There are no formal
criteria for G-20 membership and the composition
of the group has remained unchanged since it
was established.

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FAQ

Can all member countries exert equal

influence?
Achieving consensus is the underlying principle of
G-20 activity with regard to comments,
recommendations and measures to be adopted.
There are no formal votes or resolutions on the
basis of fixed voting shares or economic criteria.
Every G-20 member has one 'voice' with which it
can take an active part in G-20 activity. To this
extent the influence a country can exert is shaped
decisively by its commitment.

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THANK YOU

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