The Group of Twenty is an intergovernmental forum of 19 countries, the European Union and the African Union, formally established September 26, 1999 with its inaugural finance-ministers' meeting held in Berlin that December. It was conceived directly in response to the emerging-market debt crises of the late 1990s, the Mexican peso crisis, the 1997 Asian financial crisis and the 1998 Russian financial crisis, which demonstrated to its founders that a rapidly globalizing world needed a broader, permanent forum for financial stability than the G7 or the Bretton Woods institutions alone could provide. The G20 operates without a permanent secretariat or staff; its chairing presidency rotates annually among member states, each host establishing a temporary secretariat for its own term. Its remit covers international financial stability, climate-change mitigation and sustainable development through annual meetings of heads of state and government, expanded from its original finance-ministers-only format after the 2008 financial crisis elevated it to a leaders'-level summit.
Facts
Founding Year Founding Date HeadquartersNo permanent headquarters. The G20 has no charter or standing secretariat; the annually rotating presidency provides administrative support and hosts the summit and ministerial meetings. 1 Classification
Institution SubtypeEconomic Forum or Coordinating Body 1 Connections
Associated With
The G20 was conceived directly in response to the emerging-market debt crises of the late 1990s, the 1997 Asian financial crisis foremost among the founders' stated reasons for wanting a broader standing forum.
Source Wikipedia
The FSB was established by, and reports to, the G20; it covers every G20 member economy plus other jurisdictions and international bodies.
Source Wikipedia
Additional Source Financial Stability Board (Wikipedia)Financial Stability Board, G20 Relationship
The G20 finance-ministers forum was created in 1999 on the initiative of the G7 finance ministers, following the G7's 1999 Cologne summit commitment to broaden dialogue to systemically important economies.
Source Wikipedia
In the Other Atlases
Sources
1. Wikipedia
Wikimedia FoundationG20, lead section and origins
It illustrated to them that in a rapidly globalizing world, the G7, G8, and the Bretton Woods system would be unable to provide financial stability, and they conceived of a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing it.
G20, lead section
Founding Date/Year: 26 September 1999 (formally established)
G20 Wikipedia article, Structure section
The G20 operates without a permanent secretariat or staff. The group's chair (the presidency) rotates annually among the members and is selected from a different regional grouping of countries.
Introduction, institution-subtype
The Group of Twenty is an intergovernmental forum of 19 countries, the European Union and the African Union, formally established September 26, 1999 with its inaugural finance-ministers' meeting held in Berlin that December.
Associated With: Asian Financial Crisis (1997-98), G20, Origins
the series of massive debt crises that had spread across emerging markets in the late 1990s, beginning with the Mexican peso crisis and followed by the 1997 Asian financial crisis, the 1998 Russian financial crisis
Associated With: Group of Seven (G7), G20 Wikipedia article, History section
The G20 was foreshadowed at the Cologne summit of the G7 in June 1999, and formally established at the G7 Finance Ministers' meeting on 26 September 1999 with an inaugural meeting on 15-16 December 1999 in Berlin.
View the Source Financial Stability Board (Wikipedia)
Associated With: Financial Stability Board, Financial Stability Board, G20 RelationshipQuote, Associated With: Financial Stability Board, Financial Stability Board, G20 Relationship
established in the 2009 G20 Pittsburgh Summit
Reader Challenges (0)
No disputes yet. Spotted an error or a better source? Open the first one.
Sign in to dispute this or suggest a correction.