G20: general characteristics. "Group of Twenty" (G20)

Opens on Friday in Hamburg, Germany.

Below is some background information.

Group of Twenty (G20) - leading forum international cooperation according to the most important aspects international economic and financial agenda.

The main goals and objectives of the forum:

Policy coordination among G20 members to achieve global economic stability and sustainable growth;

Promoting financial regulation that reduces risks and prevents future financial crises;

Creation of a new international financial architecture.

The prerequisite for the creation of the G20 was the financial crisis of 1997-1998, which demonstrated the vulnerability of the international financial system in the context of globalization of economic relations, and showed that key developing economies are not sufficiently involved in the discussion and management of the global economy. The main format of the forum's activities was annual meetings at the level of finance ministers and heads of central banks.

In November 2008, it was decided to change the format of the G20 meetings and hold meetings also at the level of leaders (heads of state and government), after which the forum acquired its modern significance.

Currently, 19 countries and the European Union (EU) have permanent member status in the G20. The G20 includes Argentina, Australia, Brazil, Great Britain, Germany, India, Indonesia, Italy, Canada, China, Mexico, Saudi Arabia, USA, Turkey, France, South Africa, South Korea, Japan and Russia.

Traditionally, the G20 leaders' summits are attended by its permanent members, five invited countries and international organizations.

The European Union is represented by the President of the European Commission and the President of the European Council.

The summits take place in the country that serves as the group's chairman.

The presiding country changes annually according to the principle of rotation and alternation of regions. Turkey presided in 2015, the summit was held in China in 2016, and Germany hosted the G20 in 2017. In 2018, the summit will be held in Argentina.

Three successive presidencies (past, current and future G20 chairman) are unofficially united into a governing Troika, collaboration which ensures consistency and continuity in the work of the G20, enhancing the legitimacy and transparency of decision-making at the meetings.

The Troika currently consists of China (host in 2016), Germany (chair in 2017) and Argentina (chair in 2018).

The process of chairmanship itself consists of consistent preparation, development of draft documents to be adopted and coordination with partners of decisions in the field of development of the world economy and monetary and financial architecture. Issues are raised that are significant both for the chairing country and for the priorities of other G20 partners.

Preparations for the annual summit are being carried out by the highest officials, called Sherpas, who represent the leaders of the G20 countries.

Since November 2010, G20 leaders have decided to meet no more than once a year.

The 2016 G20 Summit, with the theme “Building an Innovative, Healthy, Connected and Inclusive World Economy,” was held on September 4-5 in Hangzhou, China.

GIG 20(Group of Twenty Finance Ministers and Central Bank Governors, G20) - an international club in the format of meetings at the level of finance ministers and heads of central banks, since 2008 - a summit at top level 20 most developed industrial countries. The G20 includes 19 national economies: Argentina, Australia, Brazil, UK, Germany, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, USA, Turkey, France, South Africa, South Korea and Japan. A separate member of the G20 is the European Union. The G20 countries are home to two-thirds of the world's inhabitants and account for approximately 90% of global GDP and 80% of global trade.

G20 was created in 1999 on the initiative of members G7 during the German presidency to discuss issues of global economic and financial policy and conduct dialogue with developing countries. The founding conference took place on December 15–16, 1999 in Berlin.

The task of the G20 was to find ways out of financial crisis late 1990s. The first meeting took place in 1999 in Canada.

In 2008, with the onset of the global crisis and the need to take anti-crisis measures, the format of the meetings changed. The first summit was held on November 14–15, 2008 in Washington, USA as an anti-crisis summit, at which issues related to the global financial crisis were discussed. Among the measures that the country's leaders promised to take were stimulating economies, providing markets with liquidity, supporting financial institutions, and unfreezing credit markets. They also intended to ease the tax burden within their countries to stimulate domestic demand.

The second anti-crisis summit took place on April 2, 2009 in London, UK. The result of the meeting: the crisis has not yet been overcome, states need to continue to provide assistance to the global economy in the same volume as before. The reform of the International Monetary Fund was discussed at the meeting.

On September 25, 2009, the summit took place in Pittsburgh, USA. The joint statement of the countries participating in the summit said that the G20 summit will become the main economic forum in the world, thereby taking the place of the G8 summit. This solution will allow us to build a more sustainable and balanced world economy, reform the financial system and raise living standards in developing countries.

On November 11-12, 2010, the G20 summit was held in Seoul, South Korea, where issues of the global economy, international trade and climate change issues were discussed. In addition to the final declaration, the following documents were adopted: an anti-corruption action plan, a framework agreement to ensure strong, sustainable and balanced economic growth. Agreements of the Basel Committee on Banking Supervision on the gradual introduction of new banking capital and liquidity standards (“Basel III”), which increase the requirements for bank sustainability, were also approved from 2013. The proposal was accepted South Korea on the creation of a global financial safety net that will allow countries, through the IMF mechanisms, to have prompt access to credit resources in the event of a crisis.

Among other things, positions on preventing excessive fluctuations were agreed upon exchange rates and artificial devaluation of currencies. The main result of the summit is the adoption of the Seoul Action Plan and measures to reform the International Monetary Fund (IMF).

On October 18-20, 2011, the G20 summit was held in Paris, France, at which issues of reforming the international financial system and the possibility of developing a universal social framework were discussed. Measures were outlined to resolve the eurozone debt crisis and increase the efficiency and flexibility of the European Fund financial stability(EFSF) and stimulating the global economy.

2012 Los Cabos (Mexico). Economic issues were discussed at the summit, main theme became the European debt crisis. It was decided to increase the IMF's reserves by more than $450 billion.

Name:

G20, G20, Group of Twenty, Group of Twenty Finance Ministers and Central Bank Governors

Flag/Coat of Arms:

Status:

permanent international forum

Structural units:

Summit meetings
Council of Ministers of Finance,
Council of Heads of Central Banks

Activity:

Cooperation and consultation on issues related to the international financial system

Official languages:

Participating countries:

Australia, Argentina, Brazil, Great Britain, Germany, European Union, India, Indonesia, Italy, Canada, China, Mexico, Russia, Saudi Arabia, USA, Turkey, France, South Africa, Republic of Korea, Japan

In addition, G20 meetings are usually attended by representatives of the International Monetary Fund and the World Bank

Story:

It was created in response to the financial crises of the late 1990s and the growing awareness that emerging-market countries were not adequately represented in global economic discussions and decision-making.

Until 2008, the group did not hold summits at the highest level; its main form of activity was annual meetings at the level of finance ministers and heads of central banks.

The founding conference took place on December 15-16, 1999 in Berlin. The group was created on the initiative of the finance ministers of seven leading industrialized countries - Great Britain, Italy, Canada, the USA, Germany, France and Japan - to conduct dialogue with developing countries on key issues of economic and financial policy.

The G20 anti-crisis summit was held on November 14-15, 2008 in Washington to discuss issues related to the global financial crisis. The summit meeting took place on the initiative of French President Nicolas Sarkozy and British Prime Minister Gordon Brown.

The G-20 London Summit took place on April 2, 2009 in London, UK. This is the second G20 meeting dedicated to the global financial crisis. The main goals of the summit: discussion of necessary actions to prevent a global recession, deflation, strengthening the financial sector and preventing protectionism, strengthening the global financial and economic system, measures to transition the world economy to sustainable growth.

The G-20 Pittsburgh Summit took place on September 24-25, 2009 in Pittsburgh, USA. Main results: a promise to jointly improve banking standards, including limiting unreasonably high payments to top managers; intention to create a system of coordinated actions of all G20 participants in the field economic policy. Also, shortly after this summit, on November 6, 2009, a two-day meeting of finance ministers of the G20 countries took place in St. Andrews (Scotland).

The G-20 Toronto Summit took place on June 26-27, 2010 at the Metro Toronto Convention Centre. In the final declaration developed countries a commitment was made to reduce the budget deficit by half by 2013.

The Seoul G-20 Summit was held on November 11-12, 2010 at the Seoul Complex for international conferences(COEX). Foreign media (AFP, NY TIMES, Financial) note that the Seoul summit has great importance both for Asian and for European countries. The Korean Research Center predicted that the economic growth effect will be over 24 trillion. out. One of the main topics of the summit was the monetary policy of the United States and China. The Seoul summit was also attended by directors of transnational corporations (Microsoft, HSBC, Nomura Holdings, etc.).

The G-20 Caen Summit was held on November 3-4, 2011 in Cannes (France). At the G20 summit, a decision was made to tighten control over banks and discuss measures to prevent the global crisis.

Notes:

Represents 20 economies: the 19 largest national economies and the European Union (EU), represented by the Presidency of the Council of the European Union (unless the Presidency is a member of the G8 and thus already represented in the G20).

Collectively, the G20 represents 90% of the world's gross national product, 80% of world trade (including intra-EU trade) and two-thirds of the world's population.

The G20 is the leading forum for international cooperation on the most important aspects of the international economic and financial agenda. The main goals and objectives of the forum:

1. Policy coordination among G20 members to achieve global economic stability and sustainable growth;
2. Promoting financial regulation that would reduce risks and prevent future financial crises;
3. Creation of a new international financial architecture.

The G20 consists of 19 countries: Argentina, Australia, Brazil, Great Britain, Germany, India, Indonesia, Italy, Canada, China, Mexico, Turkey, Russia, Saudi Arabia, USA, France, South Africa, Republic of Korea, Japan and the European Union.

The decision to formally establish the G20 was taken at a meeting of the finance ministers and central bank governors of the seven leading industrialized economies (UK, Italy, Canada, USA, Germany, France and Japan) in Washington in September 1999. The prerequisite was the financial crisis of 1997-1998, which demonstrated the vulnerability of the international financial system in the context of globalization of economic relations, and showed that key developing economies are not sufficiently involved in the discussion and management of the global economy.

The main format of the forum's activities was annual meetings at the level of finance ministers and heads of central banks. After the founding conference, which took place on December 15-16, 1999 in Berlin, similar meetings were held in the following countries:

In total, seven meetings of the G20 leaders took place:

The G20 members account for:

1. 90% of world GDP;
2. 80% of world trade;
3. 2/3 of the world's population;
4. 84% of atmospheric emissions come from the combustion of fossil fuels.

More detailed information economic indicators of the G20 countries can be found at: http://www.principalglobalindicators.org

At their first meeting in Washington, G20 leaders discussed the causes of the global economic and financial crisis and agreed to implement an action plan on three main points:

Restoring global economic growth;
- strengthening the international financial system;
- reforming international financial institutions.

It was decided to hold the summits in the country that plays the role of chairman. The presiding country changes annually according to the principle of rotation and alternation of regions.

The G20 does not have its own secretariat. The interim secretariat is located in the presiding country and operates during the term of the chairmanship. The three successive presidencies are tacitly united into a governing Troika, whose joint work ensures consistency and continuity in the work of the G20, enhancing the legitimacy and transparency of decision-making at the meetings.

In addition to the leaders' meeting, which is the final stage of the chairmanship, work on all issues continues throughout the year. The main activities are divided into two directions (tracks): the Sherpa track and the financial track. In 2009, at the third G20 summit in Pittsburgh, a decision was made to formalize this format. Since November 2010, G20 leaders have decided to meet no more than once a year.

Russian Federation participated in all G20 summits since its founding and proposed issues for discussion that were invariably reflected in the final declarations of the summits. Among the most important topics proposed by Russia are reforming international financial institutions, approving standards for regulation and supervision in the financial sector, and limiting the level of public debt of forum participants. Russia is one of the most major economies G20 and plays an important role in shaping the agenda. From December 1, 2012 to November 30, 2013, the Russian Federation chaired the G20.