On September 25, 1999 in Washington, D.C., the finance ministers of the Group of Seven (G7) (which began 1986) leading industrialized nations announced the creation of the Group of Twenty (G20). “This new international forum of finance ministers and central bank governors represents 19 countries, the European Union and the Bretton Woods Institutions (the International Monetary Fund (IMF) and the World Bank).” [1]
“The creation of the G-20 fulfilled the commitment by G-7 leaders at the June 1999 Summit at Köln “…to establish an informal mechanism for dialogue among systemically important countries within the framework of the Bretton Woods institutional system.” [2]
The G20 (Group of Twenty) is an international forum representing the worlds wealthiest countries and central bank governors from 19 countries and the European Union (EU) they consult on matters pertaining to the international financial system. The World Economic Forum (WEF) claim credit for this forum, which was born out of discussions of how the Asian financial crisis influences the global economy, held at Davos January 30, 1998. [3, 4]
At the G-7 meeting with finance ministers and central bank governors announced a proposal “to broaden the dialogue on key economic and financial policy issues among systemically significant economies and promote co-operation to achieve stable and sustainable world economic growth that benefits all.” They then invited their “counterparts from a number of systemically important countries from regions around the world”.
“The inaugural meeting of G-20 ministers and central bank governors took place on 15–16 December 1999 in Berlin, Germany.” [6, 5] Each year the “G20 presidency” rotates between members and is picked from different regions each year. [9]
The G20 is a powerful global body that represents 80% of the world Gross Domestic Product (GDP), 75% of global trade and 66% of the worlds population. [8]
On November 14–15, 2008, followed the 2008 financial crisis, the first annual G20 Summit was held in Washington. [7] G20 claim their purpose is to “strengthen economic growth” and “lay the foundation for reform to avoid future financial crises”!