world view

Enterprise - - World view -

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.

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