Group of Ten - G10

What is the 'Group of Ten - G10'

The Group of Ten (G10) consists of eleven industrialized nations that meet on an annual basis or more frequently, as necessary, to consult each other, debate and cooperate on international financial matters. The member countries are: France, Germany, Belgium, Italy, Japan, the Netherlands, Sweden, the United Kingdom, the United States and Canada, with Switzerland playing a minor role. The Finance ministers and and central bank governors from each of those countries gather in connection to with annual meetings of the International Monetary Fund and the World Bank to discuss financial and monetary polices that impact member countries, trade and the global economy.

The G10 countries agreed to participate in the (GAB) General Agreements to Borrow, which is a supplementary borrowing agreement to backstop the IMF if it does not have sufficient resources to support a member country. The GAB was formed in 1962.

BREAKING DOWN 'Group of Ten - G10'

The G10 has been criticized for its lack of responsiveness to the needs of developing countries. G10 meetings are politically charged events that often make headlines in the international press for the protests that follow them.

It was at a G10 Forum in 1971 where members worked to create The Smithsonian Agreement following the collapse of the Bretton Woods System.

G10 governors usually meet every second month at the Bank for International Settlements. The Bank for International Settlements is an international finance organization owned and operated by 60 member central banks that together comprise over 95% of the world's GDP. Its mission, according to its website, is to serve central banks in their pursuit of monetary and financial stability, foster cooperation among the banks, and serve as the central bank for them,