The G20 was warmed in 1999 in wake of the 1997 Asian financial crisis to bring together advanced and emerging economies to stabilize the global financial market. Since its inception, the G20 has held annual finance ministers’ and central bank governors’ meetings and discussed measures to promote the financial stability of the world and to achieve a sustainable economic growth and development.
To tackle the financial and economic crisis that spread across the globe in 2008, the G20 members were called upon to further strengthen international cooperation. Accordingly, G20 summits have been held in Washington in 2008, in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.
The concerted and decisive actions of the G20, with its balanced membership of developed and developing countries helped the world deal effectively with the financial and economic crisis, and the G20 has already delivered a number of significant and concrete outcomes.
First, the scope of financial regulation has been largely broadened and prudential regulation and supervision have been strengthened. There was also great progress in policy coordination due to the creation of the framework for a strong, sustainable and balanced growth designed to enhance macroeconomic cooperation among the G20 members and therefore to mitigate the impact of the crisis. Finally, global governance has dramatically improved to better take into consideration the role and the needs of emerging of developing countries, especially through the ambitious reforms of the governance of the IMF and the World Bank.
G20 countries account for 85 percent of global output and two thirds of the global population. It is made up of South Africa, Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia, Turkey and the European Union. Spain is a permanent guest.
In order to successfully complete its work, the G20 relies on the technical expertise of the international organizations, notably the International Monetary Fund (IMF), the World Bank, the Organization for Economic Cooperation and Development (OECD), the International Labor Organization (ILO), the World Trade Organization (WTO), the UN and the Financial Stability Board.
The members of the G20 can in addition decide each year to invite a limited number of other countries and regional organizations to their summits.
France assumed the presidency of the G20 for one year from November 2010, thus taking over from Republic of Korea. Therefore, the G20 Summit was held under the French Presidency in Cannes from 3 to 4 November, 2011.