What is G20?
Launched in 1999 upon recommendation of finance ministers of G8 in Washington, the Group of 20 is an international economic forum that first focused on preventing the Asian Financial Crisis from reoccurring. On December 16, 1999, G20 was born in Berlin, Germany.
The G20 is meant to study, review, and promote high-level discussion of policy issues pertaining to the promotion of international financial stability. It seeks to address issues beyond the responsibility of any one organization and integrate the strengths developed countries with newly emerging economies.
The G20 operates without a permanent secretariat or staff. The group’s chair rotates annually among members. Its finance ministers and central bank governors meeting is held annually. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group’s work and organizes its meetings. The G20 mechanism includes the summit, coordinator meeting, minister meeting and working group meeting.