G20

USA

G-20, Also known as G20.

Established in 1999, the Group of Twenty Finance Ministers and Central Bank Governors (G-20) is currently the premier forum to discuss international economic development and the international financial system. One of the main goals of the G-20 is to promote open and constructive discussion between industrial and emerging market countries on key issues related to global economic stability. The G-20 was created in response to the financial crises of the late 1990s and the recognition that key emerging market countries were not adequately included in the core of global economic discussion and governance. Before the creation of the G-20, international economic policy discussions were held by the G-7 (a group of seven countries consisting of Canada, France, Germany, Italy, Japan, the UK and the US).

The G-20 consists of the European Union and the following 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, the Republic of Korea, Turkey, the UK and the US. There is no formal criteria for membership in the G-20 but according to 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 part".