The G-20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20 helps to support growth and development across the globe.
The G-20 was created as a response both to the financial crises of the late 1990s and is made up of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom and the United States of America. The European Union is also a member, represented by the rotating Council presidency and the European Central Bank. To ensure global economic fora and institutions work together, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis.
Unlike international institutions such as the Organization for Economic Co-operation and Development (OECD), IMF or World Bank, the G-20 (like the G-7) has no permanent staff of its own. The G-20 chair rotates between members, and is responsible or setting up a temporary secretariat during its stewardship.
Brazil is the chair in 2008. The Central Bank of Brazil and Ministry of Finance are in charge of elaborating and implementing all the Group’s activities throughout the year. More specifically, Brazil is responsible for organizing six G-20 events, three technical workshops, two Deputies’ meetings and the final meeting of Finance Ministers and Central Bank Governors.
During the Brazilian chairmanship, the themes “Clean Energy and the Commodity Markets” and “Competition in the Financial Sector” will be introduced, while the legacy themes “Reform of the Bretton Woods Institutions” and “Fiscal Space” will be taken up.
For further details, visit the G-20 website G-20 developed by the Central Bank of Brazil.