What is the 'Group Of Twenty - G-20'
A group of finance ministers and central bank governors from 19 of the world's largest economies, and the European Union. The G-20 was formed in 1999 as a forum for member nations to discuss key issues related to the global economy. The mandate of the G-20 is to promote global economic growth, international trade and financial market regulation.
BREAKING DOWN 'Group Of Twenty - G-20'
The Group of Twenty consists of the members of the G-7, 12 other nations, and rotating council presidency from the European Union. Because the G20 is a forum, its agreements or decisions have no legal impact, but is rather intended to have influence on countries policies, and be a platform for global cooperation. The committee's inaugural meeting took place in Berlin in December of 1999. After the financial crisis in 2008, the group started annual summits where heads of state level representatives — often finance ministers or equivalent — meet to discuss ongoing economic issues.
International organizations such as the IMF, the World Bank, the United Nations, the Financial Stability Board and the World Trade Organization, and special guests also attend the summits. Special guests are invited by the Presidency. In 2017 the Presidency is held by Germany and the summit will take place in Hamburg. Germany has invited Norway, the Netherlands and Singapore as partners to the G20, as well as the African Union (AU), the Asia‑Pacific Economic Cooperation (APEC), and the New Partnership for Africa’s Development (NEPAD).