The Group of Twenty Finance Ministers and Central Bank Governors (known as the G-20 and also the G20 or Group of Twenty) is a group of finance ministers A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances. Finance ministers are often found in state or provincial governments if that country has a form of federalism and central bank A central bank, reserve bank, or monetary authority is a banking institution granted the exclusive privilege to lend a government its currency. Like a normal commercial bank, a central bank charges interest on the loans made to borrowers, primarily the government of whichever country the bank exists for, and to other commercial banks, typically as governors from 20 economies: 19 countries plus the European Union The European Union is an economic and political union of 27 member states which are located primarily in Europe. Committed to regional integration, the EU was established by the Treaty of Maastricht in 1993 upon the foundations of the European Communities. With over 500 million citizens, the EU combined generated an estimated 28% share (US$ 16.5. Recently summits meeting at level of Heads of state Head of state is the generic term for the individual or collective office that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes personifying the continuity and legitimacy of the state and exercising the political powers, functions and duties have been introduced. The 2010 chair country of the G-20 is South Korea South Korea, officially the Republic of Korea (Korean: 대한민국, pronounced [tɛːhanminɡuk̚] ( listen)), is a country in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by China to the west, Japan to the east, and North Korea to the north. Its capital is Seoul. South Korea lies in a temperate climate.[3]

Collectively, the G-20 economies comprise 85%[4] of global gross national product A variety of measures of national income and output are used in economics to estimate total economic activity in a country or region, including gross domestic product , gross national product (GNP), and net national income (NNI). All are specially concerned with counting the total amount of goods and services produced within some "boundary&, 80% of world trade International trade is exchange of capital, goods, and services across international borders or territories.. In most countries, it represents a significant share of gross domestic product . While international trade has been present throughout much of history (see Silk Road, Amber Road), its economic, social, and political importance has been on (including EU intra-trade) and two-thirds of the world population The world population is the population of humans on the planet Earth. In 2009, the United Nations estimated the population to reach 7,000,000,000 in 2011; current estimates by the United States Census Bureau put the population at 6,858,200,000.[2]

The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system The global financial system is a financial system consisting of institutions and regulators that act on the international level, as opposed to those that act on a national or regional level. The main players are the global institutions, such as International Monetary Fund and Bank for International Settlements, national agencies and government. It studies, reviews, and promotes discussion (among key industrial and emerging market countries) of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

With the G-20 growing in stature since the 2008 Washington summit The G-20 Leaders Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future, its leaders announced on September 25, 2009, that the group will replace the G8 The Group of Eight is a forum, created by France in 1975, for governments of six countries in the world: France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1976, Canada joined the group (thus creating the G7). In becoming the G8, the group added Russia in 1997. In addition, the European Union is represented within the G8, as the main economic council of wealthy nations.[5]

Heads of states of G-20 members meet biannually at the G-20 summit. The G-20 summits for 2010 are scheduled to be held in Toronto on June 26–27 and Seoul on November 11–12.

Contents

Organization

The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the Troika The word became notorious in the Soviet Union during the Stalinist era: troikas replaced the normal legal system for quick prosecution of dissidents or anybody accused of political crimes. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years.

Member countries and organizations

In 2010, there are 20 members of the G-20. These include, at the leaders summits, the leaders of 19 countries and of the European Union and, at the ministerial-level meetings, the finance ministers and central bank governors of 19 countries and of the European Union :[2][6]

Region Member Leader Finance Minister Central Bank Governor GDP (nominal·PPP) $Million USD Population
Africa Africa is the world's second-largest and second most-populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area. With a billion people (as of 2009, see table) in 61 territories, it accounts for about 14.72% of the world's human population South Africa Coordinates: 29°02′46″S 25°03′47″E / 29.046°S 25.063°E The Republic of South Africa is a country located at the southern tip of Africa, with a 2,798 kilometres coastline on the Atlantic and Indian Oceans. To the north lie Namibia, Botswana and Zimbabwe; to the east are Mozambique and Swaziland; while Lesotho is an independent President The President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. From 1961 to 1994, the head of state was called the State President Jacob Zuma Jacob Gedleyihlekisa Zuma is the President of South Africa, elected by parliament following his party's victory in the 2009 general election Minister of Finance Pravin Gordhan Gill Marcus 287,219 492,684 49,320,500
Latin America Argentina The Argentine claims in Antarctica along with the Falkland Islands, South Georgia, and the South Sandwich Islands (administered by the United Kingdom) shown in light green President The President of Argentina is the head of state of Argentina. Under the national Constitution, the President is also the chief executive of the federal government and Commander-in-Chief of the armed forces Cristina Fernández de Kirchner Cristina Elizabet Fernández de Kirchner , commonly known as Cristina Fernández or Cristina Kirchner, is the current President of Argentina. A member of the Justicialist Party, she was a Senator for Buenos Aires Province before taking office. She is the wife of Néstor Kirchner, current Secretary General of UNASUR and former President of Minister of Economy Amado Boudou Mercedes Marcó del Pont 310,065 584,392 40,134,425
Brazil Brazil (pronounced /brəˈzɪl/ ; Portuguese: Brasil, IPA: [bɾaˈziw]), officially the Federative Republic of Brazil (Portuguese: República Federativa do Brasil, listen (help·info)), is the largest country in South America and the only Portuguese-speaking country in the Americas. It is the world's fifth largest country, both by geographical President The President of Brazil is both the head of state and head of government of the Federative Republic of Brazil. The presidential system was established in 1889, upon the proclamation of the republic in a military coup d'etât against the Emperor Pedro II. Since then, Brazil had six constitutions, two dictatorships and three democratic periods Luiz Inácio Lula da Silva Luiz Inácio Lula da Silva , known popularly as Lula, is the thirty-fifth and current President of Brazil Minister of Finance Guido Mantega Guido Mantega is a Brazilian economist, politician and currently Brazil's Finance Minister Henrique Meirelles 1,574,039 2,013,186 192,859,000
Mexico In Pre-Columbian Mesoamerica many cultures matured into advanced civilizations such as the Olmec, the Toltec, the Teotihuacan, the Zapotec, the Maya and the Aztec before the first contact with Europeans. In 1521, Spain conquered and colonized the territory, which was administered as the viceroyalty of New Spain which would eventually become Mexico President The Constitutional Citizen President of the United Mexican States is the head of state of Mexico. Under the Constitution, the president is also the head of government and the Supreme Commander of the Mexican armed forces. The current President is Felipe Calderón Felipe Calderón Felipe de Jesús Calderón Hinojosa is the current President of Mexico. He assumed office on December 1, 2006, and was elected for a single six-year term through 2012. He is a member of the National Action Party (PAN), one of the three major Mexican political parties Secretary of Finance The Secretariat of Finance and Public Credit is Mexico's finance ministry. The Secretary of Finance and Public Credit is a member of the federal executive cabinet and is appointed by the President of the Republic Ernesto Cordero Arroyo Agustín Carstens 874,903 1,465,726 111,211,789
Northern America Canada The land occupied by Canada was inhabited for millennia by various groups of Aboriginal peoples. Beginning in the late 15th century, British and French expeditions explored, and later settled, along the Atlantic coast. France ceded nearly all of its colonies in North America in 1763 after the Seven Years' War. In 1867, with the union of three Prime Minister The Prime Minister of Canada is the primary Minister of the Crown, chairman of the Cabinet, and thus head of government for Canada, charged with advising the Canadian monarch or viceroy on the exercise of the executive powers vested in them by the constitution. Not outlined in any constitutional document, the office exists only as per long- Stephen Harper Stephen Joseph Harper, PC, MP is the 22nd and current Prime Minister of Canada, and leader of the Conservative Party. Harper became Prime Minister after his party won a minority government in the 2006 federal election. He is the first Prime Minister from the newly reconstituted Conservative Party, following a merger of the Progressive Conservative Minister of Finance Jim Flaherty James Michael "Jim" Flaherty, PC, MP is Canada's Minister of Finance; he had formerly served as Ontario's Minister of Finance Mark Carney 1,336,427 1,281,064 34,088,000
United States ^ b. English is the de facto language of American government and the sole language spoken at home by 80% of Americans age five and older. Spanish is the second most commonly spoken language President The President of the United States is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is one of only two nationally elected federal officers, the other being the Vice President of the United States Barack Obama A native of Honolulu, Hawaii, Obama is a graduate of Columbia University and Harvard Law School, where he was the president of the Harvard Law Review. He was a community organizer in Chicago before earning his law degree. He worked as a civil rights attorney in Chicago and taught constitutional law at the University of Chicago Law School from 1992 Secretary of the Treasury The United States of America Secretary of the Treasury is the head of the United States Department of the Treasury, concerned with finance and monetary matters, and, until 2003, some issues of national security and defense. This position in the Federal Government of the United States is analogous to the finance ministers of other countries. Most Timothy Geithner Timothy Franz Geithner is the 75th and current United States Secretary of the Treasury, serving under President Barack Obama. He was previously the president of the Federal Reserve Bank of New York Ben Bernanke Ben Shalom Bernanke is an American economist, and the current Chairman of the United States Federal Reserve. Previously, he served as Fed Governor and Chairman of President George W. Bush's Council of Economic Advisers. In 2009, he was named the TIME magazine person of the year 14,256,275 14,256,275 309,173,000
East Asia East Asia or Eastern Asia is a subregion of Asia that can be defined in either geographical or cultural terms. Geographically and geo-politically, it covers about 12,000,000 km2 (4,600,000 sq mi), or about 28 percent of the Asian continent, about 15 percent bigger than the area of Europe China b. ^ Simple characterizations of the political structure since the 1980s are no longer possible President The President of the People's Republic of China , literally Chairman of the People's Republic of China, or abbreviated Guójiā Zhǔxí 国家主席, literally Chairman of State) is an office under the National People's Congress and it is the head of state of the People's Republic of China. The office was created by the 1982 Constitution. Formally, Hu Jintao Hu Jintao is the current Paramount leader of the People's Republic of China. He began to hold the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang Zemin as the top leader of fourth generation Minister of Finance The Ministry of Finance of the People's Republic of China is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state Xie Xuren Zhou Xiaochuan Zhou Xiaochuan is a prominent Chinese economist, banker, reformist and bureaucrat. As governor of the People's Bank of China, he is in charge of the monetary policy of the People's Republic of China. Zhou is associated with Zhu Rongji and the Shanghai clique of politicians 4,326,187 7,903,235 1,338,612,968
Japan Japan is an island country in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south. The characters that make up Japan's name mean "sun-origin", which is why Japan is Prime Minister The Prime Minister of Japan is the head of government of Japan. He is appointed by the Emperor of Japan after being designated by the Diet from among its members, and must enjoy the confidence of the House of Representatives to remain in office. He is the head of the Cabinet and appoints and dismisses the Ministers of State; the literal Yukio Hatoyama Yukio Hatoyama is a Japanese politician who has been Prime Minister of Japan since September 2009. First elected to the House of Representatives in 1986, Hatoyama became President of the Democratic Party of Japan (DPJ), the main opposition party, in May 2009. He then led the party to victory in the August 2009 general election, defeating the long- Minister of Finance Naoto Kan Masaaki Shirakawa Masaaki Shirakawa is Governor of the Bank of Japan. His nomination to the post was approved on April 9, 2008. Masaaki ranks 6th on the world's most powerful by Newsweek along with economic triumvirs Ben Bernanke (4th) and Jean-Claude Trichet (5th) 5,068,059 4,159,432 127,390,000
South Korea South Korea, officially the Republic of Korea (Korean: 대한민국, pronounced [tɛːhanminɡuk̚] ( listen)), is a country in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by China to the west, Japan to the east, and North Korea to the north. Its capital is Seoul. South Korea lies in a temperate climate President The President of the Republic of Korea is, according to the Constitution of the Republic of Korea, chief executive of the government, commander-in-chief of the armed forces, and the head of state of the Republic of Korea. The Constitution and the amended Presidential Election Act of 1987 provide for election of the president by direct, secret Lee Myung-bak Lee Myung-bak is a Japanese-born Korean politician and is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction, and the mayor of Seoul Minister of Strategy and Finance Yoon Jeung-hyun Kim Joong-soo 832,512 1,364,148 50,060,000
South Asia India Prime Minister Manmohan Singh Minister of Finance Pranab Mukherjee Duvvuri Subbarao 1,235,975 3,526,124 1,180,251,000
Southeast Asia Indonesia President Susilo Bambang Yudhoyono Minister of Finance Sri Mulyani Indrawati Darmin Nasution 539,337 962,471 231,369,500
Southwest Asia Saudi Arabia King Abdullah I Minister of Finance Ibrahim Abdulaziz Al-Assaf Muhammed Al-jasser 369,671 593,385 25,721,000
Europe European Union E. Council President[7]

Commission President[7]

 Herman Van Rompuy

José Manuel Barroso

 Commissioner for Economic and Monetary Affairs Olli Rehn Jean-Claude Trichet 16,447,259 14,793,979 501,259,840
France President Nicolas Sarkozy Minister of the Economy, Industry and Employment Christine Lagarde Christian Noyer 2,675,951 2,108,228 65,447,374
Germany Chancellor Angela Merkel Minister of Finance Wolfgang Schäuble Axel A. Weber 3,352,742 2,806,226 81,757,600
Italy Prime Minister Silvio Berlusconi Minister of Economy and Finance Giulio Tremonti Mario Draghi 2,118,264 1,740,123 60,325,805
Russia President Dmitry Medvedev Minister of Finance Alexei Leonidovich Kudrin Sergey Mikhaylovich Ignatyev 1,229,227 2,109,551 141,927,297
Turkey Prime Minister Recep Tayyip Erdoğan Minister of Finance Mehmet Şimşek Durmuş Yılmaz 615,329 880,061 72,561,312
United Kingdom Prime Minister David Cameron Chancellor of the Exchequer George Osborne Mervyn King 2,183,607 2,139,400 62,041,708
Oceania Australia Prime Minister Kevin Rudd Treasurer Wayne Swan Glenn Stevens 997,201 851,170 22,328,632

In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:[2]

Membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:[1]

“ In a forum such as the G-20, it is particularly important for the number of countries involved to be restricted and fixed to ensure the effectiveness and continuity of its activity. There are no formal criteria for G-20 membership and the composition of the group has remained unchanged since it was established. In view of the objectives of the G-20, it was considered important that countries and regions of systemic significance for the international financial system be included. Aspects such as geographical balance and population representation also played a major part. ”

All 19 member nations are among the top 32 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund (IMF) for 2008.[8] Not represented by membership in the G-20 are Switzerland (19), Norway (25), Taiwan (26), Iran (28) and Venezuela (31) even though they rank higher than some members. Spain (9), Netherlands (16), Poland (18), Belgium (20), Sweden (22), Austria (24), Greece (27) and Denmark (29) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 24 in the world in 2008, according to the IMF.[9] Iran (17), Taiwan (19) and Thailand (23) are not G-20 members, while Spain (12), Netherlands (19) and Poland (20) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, Netherlands, Taiwan, and Poland appear above any G-20 member in both lists simultaneously.[10]

It is often argued[by whom?] that the G-20, although it provides broader representation than the G8, is not entitled to make decisions that affect the whole world, because its member states are selected arbitrarily. The G-20 does not have a charter and its debates are not public, making it an "undemocratic institution."[11] Critics propose[by whom?] an alternative such as an Economic Security Council within the United Nations, where members should be elected by the General Assembly based on their importance in the world economy and the contribution they are willing to provide to world economic development.[12]

History

G-20 Leaders Summit on Financial Markets and the World Economy in Washington, D.C. on 15 November 2008

The G-20, which superseded the G33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G7 in June 1999, but was formally established at the G7 Finance Ministers' meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin. In 2008 Spain and The Netherlands were included by French invitation for the G-20 Leaders Summit on Financial Markets and the World Economy.

In 2006 the theme of the G-20 meeting was “Building and Sustaining Prosperity. The issues discussed included domestic reforms to achieve “sustained growth”, global energy and resource commodity markets, ‘reform’ of the World Bank and IMF, and the impact of demographic changes due to an aging population. Trevor A. Manuel, MP, Minister of Finance, South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega, Minister of Finance, Brazil, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on 11 October 2008, US President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy and British Prime Minister Gordon Brown led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy, on 15 November 2008.[13] G20 leaders met again in London on 2 April 2009.[14] Another G20 summit was held 24–25 September 2009 in Pittsburgh, Pennsylvania.[15]

G-20 Summits

See also: List of G-20 summits Leaders of the G-20 countries and others present at the London Summit in London on 2 April 2009

The G-20 Summit was created as a response both to the financial crisis of 2007–2010 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. The G-20 Summits of heads of state or government were held in addition to the G-20 Meetings of Finance Ministers and Central Bank Governors who continued to meet to prepare the Heads Summits and implement their decisions.

Date Host country Host city website
1st[16] November 2008 United States Washington, D.C.
2nd[16] April 2009 United Kingdom London [2]
3rd[16] September 2009 United States Pittsburgh [3]
4th[17] June 2010 Canada Toronto [4]
5th[18] November 2010 South Korea Seoul
6th[19] 2011 France TBD

Meetings of Finance Ministers and Central Bank Governors:

Meetings of the Labor and Employment Ministers:

Meeting of the Labor and Employment Ministers at the Frances Perkins Building

Public reaction

Since 1999, many of the G-20 meetings have faced public protest. While most protests have started out peacefully, many have turned violent with numerous people being injured and some property damage in local areas.[21] In response to the protests, many law enforcement operations have been employed, some of whom utilize force to disperse protesters. This has been criticized by protesters as a monopoly on violence that has been privileged to the state. The expressed reasons for protests can vary from meeting to meeting, but include the following common issues: blocking neoliberal efforts to undermine local democracy, workers' rights (especially in developing nations), environmental protection, and resistance to globalization which many protesters view as a manifestation of neo-colonialism. Strong feelings and disapproval from protesters has not changed, as evidenced by the fact that these protests have been ongoing since 1999, and continue to end violently. Additional news about protests of specific meetings can be found on the pages for those meetings under the See Also section.

See also

Notes

  1. ^ a b FAQ #5: What are the criteria for G-20 membership? from the official G-20 website
  2. ^ a b c d G-20 Membership from the official G-20 website
  3. ^ http://www.g20.org/
  4. ^ "No Clear Accord on Stimulus by Top 20 Industrial Nations." The New York Times, page A1, March 15, 2009.
  5. ^ "Officials: G-20 to supplant G-8 as international economic council". CNN. 2009-09-25. http://www.cnn.com/2009/US/09/24/us.g.twenty.summit/index.html. Retrieved 2009-09-25.
  6. ^ http://www.g20.org/about_what_is_g20.aspx
  7. ^ a b The Council president speaks on foreign policy and security matters, while the Commission president speaks on other matters. [1]
  8. ^ World Economic Outlook Database, October 2009, International Monetary Fund
  9. ^ World Economic Outlook Database, April 2009, International Monetary Fund
  10. ^ GDP (Nominal). GDP (PPP) World Economic Outlook Database, April 2009, International Monetary Fund
  11. ^ The G-20 ought ro be increased to 6 Billion Daniele Archibugi, Opendemocracy.net
  12. ^ An Economic and Social Security Council at the United Nations Frances Stewart and Sam Daws, Oxford University, March 2001
  13. ^ The G-20 Summit: What’s It All About?, from the Brookings Institute
  14. ^ UK to host G20 financial summit" 26 November 2008 from the UK Prime Minister's Office
  15. ^ US to host next G20 workd meeting BBC News, 28 May 2009
  16. ^ a b c The G-20 Leaders Summit on Financial Markets and the World Economy from the G-20 Information Centre at the University of Toronto
  17. ^ Canada to host 'transition' summit in 2010
  18. ^ "Korea to Host G20 in November". The Korea Times. 25 September 2009. http://www.koreatimes.co.kr/www/news/biz/2009/11/123_55021.html. Retrieved 26 September 2009.
  19. ^ Point 31 of the Pittsburgh 2009 Leaders' Statement
  20. ^ "Secretary Solis to host G20 Labor and Employment Ministers". Bureau of International Labor Affairs. http://www.dol.gov/ilab. Retrieved 2 April 2010.
  21. ^ A history of violent protest at G20 world trade meetings Times Online, 21 March 2009

External links

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