Changes

The '''Group of Twenty Finance Ministers and Central Bank Governors''' (also known as 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.

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 20 major countries on key issues related to global economic stability.  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 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 G-20 announced in Sept. 2009 that it will become the permanent council for international economic cooperation, eclipsing the Group of Eight. They 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.<ref> Edmund L. Andrews, "Group of 20 Agrees on Far-Reaching Economic Plan," [http://www.nytimes.com/2009/09/26/world/26summit.html?th&emc=th ''New York Times'' Sept. 25, 2009]</ref>

The G-20 announced in Sept. 2009 that it will become the permanent council for international economic cooperation, eclipsing the Group of Eight.  

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.<ref> Edmund L. Andrews, "Group of 20 Agrees on Far-Reaching Economic Plan," [http://www.nytimes.com/2009/09/26/world/26summit.html?th&emc=th ''New York Times'' Sept. 25, 2009]</ref>

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.  

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.