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The G20 was formed in 1999 to discuss policies aimed at achieving international financial stability. Picture/Document
On the advice of the G7 Finance Ministers, G20 Finance Ministers and Central Bank Governors have started to meet to discuss how to respond to the global financial crisis that has unfolded. Subsequently, the meeting at the level of the Minister of Finance is held regularly in the fall.
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Nine years later, on 14 and 15 November 2008, the leaders of the G20 countries met for the first time at the first G20 summit. On this occasion, the country’s leaders coordinated the global response to the impact of the financial crisis in the United States at that time and agreed to hold a follow-up meeting.
To prepare for the annual summit, G20 finance ministers and central bank governors, along with representatives of heads of state known as Sherpas, meet several times a year.
The G20 is a forum for multilateral cooperation made up of 19 major countries and the European Union (EU). The G20 represents more than 60% of the world’s population, 75% of world trade and 80% of world GDP.
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G20 members are South Africa, United States, Saudi Arabia, Argentina, Australia, Brazil, India, Indonesia, United Kingdom, Italy, Japan, Germany, Canada, Mexico, Republic of Korea, Russia, France, China, Turkey and the European Union.
Type of G20 meeting
1. Summit/Summit
It is the culmination of the G20 meeting process, namely the meeting at Heads of State/Government level.
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