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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.
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>
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.
==Membership==
==Membership==
==External links==
==External links==
*[http://www.g20.org/index.aspx G-20 Homepage for UK 2009]
*[http://www.g20.org/index.aspx G-20 Homepage for UK 2009]
====references====
<references/>
[[category:Political Organizations]]
[[category:Political Organizations]]