The Group of Twenty or G20 is an international forum that brings together the governments and governors of central banks of twenty major economies.
Why was Group of Twenty (G20) formed?
G20 was formed with the objectives of assessing, reviewing and eliciting co-operation of major economies on policy issues relating to international financial stability. These issues do no come under the ambit of any particular country. To tackle the issues, collective efforts of major countries are required and G20 serves the said purpose. The forum was established in 1999. The members of the forum account for 85% of GDP and 66% of population of the world. Remaining countries are excluded to reduce number of participants to enhance easy decision making.
Initially, the summit was meant for the governors of central banks and finance ministers. First G20 summit was held in Berlin, in December 1999. Since 2008, it has become an annual event of leaders of G20 nations. Meetings are normally being conducted annually.
The G20 has no permanent staff of its own and its chairmanship rotates annually among members.
Who are the members of Group of Twenty (G20)?
The forum consists of :
United States of America and
The European Union
The European Union is represented by the European Commission and the European Central Bank (ECB).
Spain is a permanent non-member invitee for the leader summits. Other countries, invited by the host nation also attend the leader summits. The Chair of ASEAN (Association of Southeast Asian Nations) and representatives of the African Union and NEPAD (New Partnership for Africa’s Development) also attend leader summits.
The membership is a recognition of being identified as a powerful driver and contributor of global economy.
What is the difference between G8 and G20?
The Group of Eight (G8) is an international forum for the eight major industrial economies; Canada, France, Germany, Italy, Japan, Russia (suspended since 2014), the United Kingdom and the United States.
The G8 sorts out economic challenges facing the major industrial economies, while the G20 considers the wider interests of both developed and emerging economies. G20 includes both developed and developing nations.
Why do G20 meeting venues witness protests?
Protesters allege that G20 leaders focus on economic interests and globalization. They demand that the attention should be on poverty, climate change, gender equality and immigration. The diverging views lead to protests and the venue often witnesses protests.
The 2017 G20 meeting, twelfth meeting of the Group of Twenty (G20), will be held on 7–8 July 2017 in Hamburg, Germany.
Group of Twenty or G20
Group of twenty or G20 was formed with the objectives of assessing, reviewing and eliciting co-operation of major economies on policy issues relating to international financial stability.