G-20 major economies
From Wikipedia, the free encyclopedia
 Areas in dark blue represent the member countries in the G-20; light blue represent members of the EU not individually represented. |
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| Abbreviation | G-20 |
|---|---|
| Formation | 1999 |
| Purpose/focus | Bring together systemically important industrialized and developing economies to discuss key issues in the global economy.[1] |
| Membership |  Argentina Australia Brazil Canada China France Germany India Indonesia Italy Japan Mexico Russia Saudi Arabia South Africa South Korea Turkey United Kingdom United States European Union |
| Staff | None[2] |
| Website | http://www.g20.org/ |
The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU). It also met twice at heads-of-government level, in November 2008 and again in April 2009. Collectively, the G-20 economies comprise 85%[3] of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[2]
The G-20 is a 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.
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[edit] 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 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 G-20's work and management across host years.
[edit] Members of G-20
In 2009, there are 20 members of the G-20. These include the finance ministers and central bank governors of 19 countries:[2]
The 20th member is the European Union, which is represented by the rotating Council presidency and the European Central Bank.
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:[2]
- International Monetary Fund
- World Bank
- International Monetary and Financial Committee
- Development Committee of the IMF and World Bank
[edit] Membership
The membership of the G-20 comprises:
- the finance ministers and central bank governors of the G7, 12 other key countries, and the European Union Presidency (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
- the Chairman of the Development Committee
Membership does not reflect exactly the top 19 national economies of the world in any given year. The organization states:[1]
| “ | 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. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part. | ” |
All 19 member nations are amongst the top 31 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2008.[4] Excluding Taiwan (19), the countries of Switzerland (21), Norway (24), Iran (27) and Venezuela (30) are excluded from the G-20, while ranking higher than some of the members. Spain (9), Netherlands (16), Poland (18), Belgium (20), Sweden (22), Austria (25), Greece (26) and Denmark (28) are included only as part of the EU and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 24 in the world in 2008, according to the IMF.[5] Excluding Taiwan (19), the countries of Iran (17) and Thailand (23) are not G-20 members, while Spain (12), Netherlands (19) and Poland (20) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999-2008) at both nominal and PPP rates, only Spain, Netherlands and Poland appear above any G-20 member in both lists simultaneously.[6] It is often argued that the G20, although it is more representative of the G8, is not entitled to take decisions that concern everybody because it represents a group of states randomly selected. The G20 has not a Charter and its debates are not public, making it an undemocratic institution [7]. The alternative could be represented by an Economic Security Council within the United Nations where members should be elected by the General Assembly on their importance in the world economy but also to the contribution they are willing to provide to economic development. [8]
[edit] History
The G-20, which superseded the G33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G7 in 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, 1999 in Berlin. In 2008 Spain and The Netherlands were included by French invitation for the G-20 Leaders Summit on Financial Markets and the World Economy and then were admitted as members de facto by the UK.[citation needed]
[edit] Since 2006
In 2006 the theme of the G-20 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.
Trevor A. Manuel, MP, Minister of Finance, Republic of South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Minister of Finance, Brazil, was the chairperson of the G-20 in 2008; Brazil 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, U.S. President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy and British Prime Minister Gordon Brown led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy, on November 15, 2008.[9] G20 leaders met again in London on 2 April 2009.[10] Another G20 summit is scheduled to be held 24-25 September, 2009 in Pittsburgh, PA, USA. [11]
[edit] London summit 2009
As hosts, the UK Treasury produced an extended agenda pamphlet proposing the issues to be covered at the London Summit:[12]
- Coordinated macro-economic actions to revive the global economy, stimulate growth and employment - review measures taken and possible further steps
- Reform and improve financial sector & systems - continue to deliver progress on the Washington Summit action plan
- Reform international financial institutions (IFIs) - International Monetary Fund (IMF), Financial Stability Forum (FSF) and World Bank
[edit] Locations of G-20 meetings
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[edit] See also
[edit] Notes
- ^ a b FAQ #5: What are the criteria for G-20 membership? from the official G-20 website
- ^ a b c d G-20 Membership from the official G-20 website
- ^ The New York Times. "No Clear Accord on Stimulus by Top 20 Industrial Nations." Page A1. March 15, 2009.
- ^ World Economic Outlook Database, April 2009. International Monetary Fund.
- ^ World Economic Outlook Database, April 2009. International Monetary Fund.
- ^ GDP (Nominal). GDP (PPP). World Economic Outlook Database, April 2009, International Monetary Fund.
- ^ Daniele Archibugi, The G20 ought to be increased to 6 Billion, http://www.opendemocracy.net/article/email/the-g20-ought-to-be-increased-to-6-billion
- ^ http://www3.qeh.ox.ac.uk/RePEc/qeh/qehwps/qehwps68.pdf
- ^ The G-20 Summit: What’s It All About?, from the Brookings Institute
- ^ Announcement of next summit from British Prime Minister's website
- ^ http://news.bbc.co.uk/2/hi/business/8072894.stm
- ^ "Managing the global economy through turbulent times" (PDF). http://www.hm-treasury.gov.uk/d/managingtheglobaleconomy_081208.pdf.
- ^ The G-20 Leaders Summit on Financial Markets and the World Economy from the G-20 Information Centre at the University of Toronto
[edit] External links
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Wikimedia Commons has media related to: G20 |
- Official G-20 website
- G-20 Information Centre from the University of Toronto
- A Guide To Committees, Groups, And Clubs from the International Monetary Fund
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