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G20

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For the group of developing nations, see G20 developing nations.
Group of Twenty Finance Ministers and Central Bank Governors
AbbreviationG-20
Formation1999
PurposeBring 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
Staffnone[2]
Websitehttp://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 25 largest national economies, plus the European Union (EU). It has also met once at heads of government level, in November 2008. Collectively, the G-20 economies comprise 90% 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.

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.

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]

Membership

The membership of the G-20 comprises:

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.

Of the current top 19 economies by purchasing power parity[3] (IMF and/or World Bank ranking, 2007), Iran and Taiwan are notably absent. Spain, Poland, and the Netherlands are included only as part of the EU. Saudi Arabia, Argentina, and South Africa are included while ranking in the range of 21-25. Thailand is passed over although ranked one position above South Africa.

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.

Since 2006

G20 Leaders Summit on Financial Markets and the World Economy in Washington, D.C. on 15 November 2008.

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 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.[4]. G20 leaders are expected to meet again in London on 2 April 2009.[5]

London Summit

While there is not yet a clear consensus across the G20 nations, it is expected that Leaders will want to focus on the following themes at the London Summit in April:

  1. Coordinated macro-economic actions to revive the global economy, stimulate growth and employment - review measures taken and possible further steps
  2. Reform and improve financial sector & systems - continue to deliver progress on the Washington Summit action plan
  3. Reform international financial institutions (IFIs) - International Monetary Fund (IMF), Financial Stability Forum (FSF) and World Bank

The official London Summit website is http://www.londonsummit.gov.uk

The UK Treasury have produced a pamphlet on the issues to be covered at the Summit: Managing the global economy through turbulent times

Protests at the G20

A number of protests are planned during the G20 leaders meeting in London

March 28th, a "Put People First" March, organised by labour movements and NGO's

April 1st, a Climate Camp in London's square mile -- a G20 protest organised by the Camp for Climate Action

April 2nd, Stop the War and the Campaign for Nuclear Disarmament (CND) are organizing a march

Put People First

In response to the summit, a civil society coalition called 'Put People First' has formed, calling for democratised economic institutions, secure jobs and a Green New Deal.

It is backed by major trade unions, international development NGOs and environmental organisations. [6] This will include a demonstration in central London entitled 'March for Jobs, Justice and Climate' on 28 March 2009.

The official website for the platform is http://www.putpeoplefirst.org.uk

Climate Camp in London's square mile

The Camp for Climate Action has argued that at a time of climate crisis, the response of the G20 to the market meltdown is emergency loans to car manufacturers, increased spending to encourage consumption, and bailouts for the very people who caused the meltdown - just the thing that will make the climate crisis worse. They are oganising a camp outside the European Climate Exchange -- a carbon trading market, at noon on April 1st[7].

On February 24th, the Camp for Climate Action lodged a press complaint[8] against the Evening Standard and Daily mail, for their article "Anarchists plan City riots for G20 leaders' arrival in London" by Robert Mendick and Nigel Rosser,

Locations of G-20 meetings

See also

References

  1. ^ a b FAQ #5: What are the criteria for G-20 membership? from the official G-20 website
  2. ^ a b c d G-20 Membership from the official G-20 website
  3. ^ Results by nominal exchange rate are different. See List of countries by GDP (nominal).
  4. ^ The G-20 Summit: What’s It All About?, from the Brookings Institute
  5. ^ Announcement of next summit from British Prime Minister's website
  6. ^ List of members: http://www.bond.org.uk/pages/platform-members.html, Put People First Q and A: http://www.bond.org.uk/pages/economic-crisis-campaign.html
  7. ^ http://www.cliamtecamp.org.uk/g20 and http://www.guardian.co.uk/environment/2009/feb/11/emissionstrading-carbonemissions
  8. ^ http://www.climatecamp.org.uk/g20-complaint
  9. ^ The G-20 Leaders Summit on Financial Markets and the World Economy from the G-20 Information Centre at the University of Toronto
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