Group of Twenty

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The Group of Twenty Finance Ministers and Central Bank Governors (also known as the "G-20") is an international forum that promotes discussion and offers policy suggestions among the nations having the 20 largest economies, supposedly with the goal of promoting global economic stability and growth. Its recommendations are not binding.

The inaugural meeting of the G-20 took place in Berlin, on 15–16 December 1999, hosted by the German and Canadian finance ministers. It was created in response to the financial crises which occurred towards the end of the 1990s. In addition, it offered a platform for the largest emerging-market economies, which had previously been excluded from forums such as the Group of Eight G-8.

The United States and the European Union's egregious use of sanctions against Russia and China has fractured the foundation of the G20 and created a growing movement among the largest countries (in terms of population) who no longer are willing to submit to the U.S. using the Petrodollar system to punish them.

2009 summit

During the Financial Crisis of 2008, the G-20 announced in Sept. 2009 that it will become the permanent council for international economic cooperation, eclipsing the G8 that didn't have financial resources to bail itself out.

The G-20 in 2009 agreed to a far-reaching effort to revamp the economic system and impose much tighter regulation over financial institutions, complex financial instruments and executive pay. The new policies, if implemented, could lead to major changes and more outside scrutiny over the economic strategies of individual countries, including the United States.[1]

One goal is to reduce the immense trade imbalances between export-dominated countries like China and Japan and debt-laden countries like the United States, which has long been the world’s most willing consumer.

The United States will be expected to increase its savings rate, reduce its trade deficit and address its huge budget deficit. Countries like China, Japan and Germany will be expected to reduce their dependence on exports by promoting more consumer spending and investment at home.

2017 summit

The first meeting of the G-20 attended by the Trump Administration wrapped up its discussions on March 18, 2017, in Baden-Baden, Germany. Trump's representative, Treasury Secretary Steven Mnuchin, rejected a proposed joint statement promoting free trade between G-20 countries.


The G-20 comprises the Finance Ministers and Central Bank Governors of 19 countries, as well as the European Union, which is represented by whichever country holds the rotating Council presidency and the European Central Bank.

In addition, meetings are attended, on an ex-officio basis, by the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, as well as the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank.

There have also been two heads-of-government meetings of the G-20, in November 2008 and April 2009.

See also


  1. Edmund L. Andrews, "Group of 20 Agrees on Far-Reaching Economic Plan," New York Times Sept. 25, 2009

External links