G20 or the Group of Twenty
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• Formed in 1999, the G20 is an international forum of the governments and central bank governors from 20 major economies.
• Collectively, the G20 economies account for around 85 percent of the Gross World Product (GWP), 80 percent of world trade.
• To tackle the problems or the address issues that plague the world, the heads of governments of the G20 nations periodically participate in summits. In addition to it, the group also hosts separate meetings of the finance ministers and foreign ministers.
• The G20 has no permanent staff of its own and its chairmanship rotates annually between nations divided into regional groupings.
• The first G20 Summit was held in Berlin in December 1999 and was hosted by the finance ministers of Germany and Canada.
- The Group was formed with an aim of studying, reviewing, and promoting high-level discussion of policy issues pertaining to the promotion of international financial stability.
- The forum aims to preempt balance of payments problems and turmoil on financial markets by improved coordination of monetary, fiscal, and financial policies.
- The forum seeks to address issues that go beyond the responsibilities of any one organisation.
- The members of the G20 consist of 19 individual countries plus the European Union (EU).
- The 19 member countries of the forum are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom and the United States.
- The European Union is represented by the European Commission and by the European Central Bank.
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