What is the Group of 22 (G22)
The Group of 22 (G22), now the G20, was organized to work toward international economic cooperation and decision-making.
BREAKING DOWN Group of 22 (G22)
The G22 included representatives from 22 countries, such as central bankers or finance ministers, who attend a summit to strategize on global finance in 1999. The goal of the G22 was to stabilize global financial systems and avoid global economic crises through international policy and cooperation. The G22 included the members of the original G8 along with 14 other nations.
The G20 replaced the G22. The G20 is now composed of 19 countries plus the European Union (EU). The current members are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States and the European Union. Hong Kong, Singapore, Malaysia and Thailand were members of the G22, but are not members of the G20. The European Union, Turkey and Saudi Arabia are members of the G20, but were not members of the G22. Poland was a member of the G22, but is represented in the G20 through the EU seat.
The G20 Meeting Explained
G20 leaders meet annually and G20 finance ministers and central bank governors meet regularly during the year to discuss the global economic conditions, international financial institution reform, financial regulation and economic reform implementation in member economies. And, there is an annual program of meetings among senior officials and working groups to implement and coordinate policy on specific issues. The G20 aims to be a model for global cooperation. It started in 1999 as a meeting of finance ministers and central bank governors in the aftermath of the Asian financial crisis. In 2008, the first G20 leaders’ summit was held, and the group played a key role in responding to the global financial crisis. Its coordinated actions supported consumer and business confidence and aided the early stages of economic recovery. The G20 introduced trillions of dollars in fiscal stimulus packages worldwide, which saved or created millions of jobs that would otherwise have been lost. It also put in place measures to limit the collapse of financial markets.
The G20 is supported by international entities including the Financial Stability Board (FSB), the International Labor Organization (ILO), the International Monetary Fund (IMF), the Organization for Economic Cooperation and Development (OECD), the United Nations (UN), the World Bank and the World Trade Organization (WTO). And, these organizations are invited to attend key G20 meetings. The G20 also works with its engagement groups, which are the Business 20 (B20), Civil 20 (C20), Labor 20 (L20), Think 20 (T20) Women 20 (W20) and Youth 20 (Y20).