G20 establishment background:
The establishment of the G20 was first proposed by the finance ministers of seven industrialized countries, including the United States 1999 in Cologne, Germany, in June, with the aim of preventing the recurrence of similar Asian financial turmoil, and allowing relevant countries to hold informal dialogues on international economic and monetary policies, so as to facilitate the stability of the international financial and monetary system.
At that time, only finance ministers and central bank governors attended the G20 meeting. Since the global financial crisis triggered by the United States in 2008, the financial system has become the focus of global attention. The G20 summit has expanded the voice of countries and replaced the previous G8 summit or G20 finance ministers' meeting.
In accordance with established practice, the International Monetary Fund and the World Bank participate in the meetings of the organization as non-voting representatives. G20 accounts for about 90% of global GDP and has a population of about 4 billion.
The Pittsburgh Summit held in September 2009 identified the G20 as the main forum for international economic cooperation.
Extended data:
G20 Related Extension: G20 Summit Background
1997 after the Asian financial crisis, the voice of increasing the voice of developing countries in global economic activities is growing.
1In June, 1999, in Cologne, Germany, the finance ministers of eight industrial countries, namely, the United States, Japan, Germany, France, Britain, Italy, Canada and Russia, proposed that in order to prevent the recurrence of the Asian financial turmoil, more countries should hold regular dialogues on international economic and monetary policies, which is conducive to the stability of the global financial and monetary system.
1September 1999, the finance ministers of the G8 announced the establishment of the G-20 Forum in Washington, D.C., which was composed of finance ministers and central bank governors of the European Union, the Bretton Woods institutions and 19 countries.
1999 12, finance ministers and central bank governors of the Group of Eight (the United States, Japan, Germany, France, Britain, Italy and Russia) and the European Union, Asia, Africa, Latin America and Oceania held an informal forum meeting of the G-20 on international economic cooperation in Berlin, Germany.
(The International Monetary Fund and the World Bank attended the G20 Forum as non-voting delegates) The meeting aims to promote open dialogue between industrial countries and emerging market countries on important issues such as international economy, monetary policy and financial system. Through dialogue, we will lay a broad foundation for discussing and negotiating relevant substantive issues, seek cooperation, promote the reform of the international financial system and strengthen its framework.
After the outbreak of the international financial crisis, at the initiative of the United States, the G-20 was promoted to a summit of leaders. The Pittsburgh Summit held in September 2009 identified the G20 as the main forum for international economic cooperation, which marked important progress in global economic governance reform. At present, the G20 mechanism has formed a structure dominated by summits, supported by the "dual-track mechanism" of coordinators and financial channels, supplemented by ministerial meetings and working groups.
Baidu Encyclopedia -G20 Summit
Baidu Encyclopedia -G20