What is the {term}? Group Of Twenty - G-20

The Group of 20, also called the G-20, is 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 global economic issues. 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 G-20 is composed of the members of the G-7, 12 other nations, and the rotating council presidency from the European Union. Because the G-20 is a forum, its agreements or decisions have no legal impact, but they do influence countries' policies and global cooperation. The committee's inaugural meeting took place in Berlin in December 1999. After the financial crisis in 2008, the group began to host annual summits where heads of state representatives — often finance ministers or equivalent — meet to discuss ongoing economic issues. 

The G-20 economies together account for approximately 80 percent of world trade, 85 percent of the gross world product, two-thirds of the world's population and approximately half of total land area around the world.

Criticism of the Group of 20

After its inaugural leaders' summit in 2008, the leaders of the G-20 announced on Sept. 25, 2009 that the group would replace the G-8 as the main economic council of wealthy nations. Since its inception, some of the G-20's membership policies have been criticized, and there have been protests at the group's summits by liberal groups who consider the G-20 to have strengthened large corporations through trade agreements, to be delinquent in combating climate change, social inequality and promoting democracy around the world.

The heads of the G-20 nations met semi-annually at G-20 summits between 2009 and 2010. Since the November 2011 Cannes summit, all G-20 summits have been held annually.

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 was held by Germany, and the summit took place in Hamburg. Germany invited Norway, the Netherlands and Singapore as partners to the G-20, as well as the African Union, the Asia‑Pacific Economic Cooperation and the New Partnership for Africa’s Development.

In 2018, the G-20 summit will be hosted by Buenos Aires, Argentina. I will be the 13th meeting of the G-20 and the first G-20 summit to be hosted in South America. President Mauricio Macri of Argentina assumed the one-year G-20 presidency on Nov. 30, 2017. Argentina has invited Chile and the Netherlands. International organizations invited by Argentina are the Caribbean Community (represented by Jamaica), the Inter-American Development Bank, and the Development Bank of Latin America. Three agenda items are to be prioritized at the 2018 meetings: the future of work, infrastructure for development and a sustainable food future. Some attending countries have said they will also focus on cryptocurrency regulation at the meeting.