G-20 major economies
Encyclopedia
The Group of Twenty Finance Ministers and Central Bank Governors (also known as the G-20, G20, and Group of Twenty) is a group of finance minister
s and central bank
governors from 20 major economies: 19 countries plus the European Union
, which is represented by the President
of the European Council
and by the European Central Bank
. Their heads of government
or heads of state
have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies account for more than 80 percent of the global gross national product (GDP), 80 percent of world trade
(including EU intra-trade) and two-thirds of the world population
. They contribute to 84.1 percent and 82.2 percent of the world's economic growth by nominal GDP and GDP (PPP) respectively
from the years 2010 to 2016, according to the International Monetary Fund
(IMF).
The G-20 was proposed by former Canadian Finance Minister Paul Martin
(later, Prime Minister) for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion (among key industrial and emerging market countries) of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008 Washington summit
, its leaders announced on September 25, 2009, that the group will replace the G8
as the main economic council of wealthy nations.
The heads of the G-20 nations met semi-annually at G-20 summits between 2008 and 2011. Following the most recent summit, which was held in Cannes
in November 2011, all future G-20 summits will be held annually.
The G-20, which superseded the G33
(which had itself superseded the G22), was foreshadowed at the Cologne Summit of the G7 in June 1999, but was only formally established at the G7 Finance Ministers' meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin. In 2008, Spain and the Netherlands were included, by French invitation, in the G-20 Leaders Summit on Financial Markets and the World Economy
.
In 2006 the theme of the G-20 meeting was “Building and Sustaining Prosperity”. The issues discussed included domestic reforms to achieve “sustained growth”, global energy and resource commodity markets, ‘reform’ of the World Bank and IMF, and the impact of demographic changes due to an aging population. Trevor A. Manuel, MP, Minister of Finance, South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega
, Minister of Finance, Brazil
, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on 11 October 2008, US President George W. Bush
stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy
and British Prime Minister Gordon Brown
led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy
, on 15 November 2008.
Despite lacking any formal ability to enforce rules, the G-20's prominent membership gives it a strong input on global policy. However, there are disputes over the legitimacy of the G-20.
Additionally, there had been talk and hope for better organization and power at the Seoul summit, but there was little done. Macroeconomics was discussed while development issues were ignored. Many hope that global governance can be made more inclusive by the G 20 and that their declarations can actually be seen through.
or government
were held in addition to the G-20 Meetings of Finance Ministers and Central Bank Governors who continued to meet to prepare the leaders' summit and implement their decisions. After the debut summit in Washington, D.C. during 2008, G-20 leaders met twice a year in London
and Pittsburgh in 2009, Toronto
and Seoul
in 2010.
From 2011, when France
chaired and hosted the G-20, the summits will be held only once a year. Mexico
will chair and host the leaders' summit in 2012.
. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years. The current chair of G-20 is France
; the chair was handed over from South Korea
after the November 2010 G-20 Summit.
proposed the establishment of a permanent G-20 secretariat, similar to the United Nations Security Council
. Seoul
and Paris
were suggested as possible locations for its headquarters. China
and Brazil
supported the establishment of a secretariat, while Japan
and Italy
expressed opposition to the proposal. South Korea proposed a "cyber secretariat" as an alternative.
predicted that Asian nations such as China and India would play a more important role in the process of global economic governance reform in the future. The report stated that the rise of emerging market economies heralded a new world order, in which the G-20 would become the global economic steering committee.
The report noted that Asia had led the global recovery following the late-2000s recession, and predicted that the region would have a greater presence on the global stage, shaping the G-20 agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.
have taken part in the first four G-20 heads of state meetings, while Spain
has participated in every meeting so far, despite not being recognized members.
In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:
Membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:
All 19 member nations are among the top 28 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund
(IMF) for 2010. Not represented by membership in the G-20 are Switzerland
(19), Taiwan
(24), and Norway
(25), even though they rank higher than some members. Spain
(12), the Netherlands
(16), Belgium
(20), Sweden
(21), Poland
(22), and Austria
(26) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 25 in the world in October 2010, according to the IMF. Iran
(18), Taiwan
(19) and Thailand
(24) are not G-20 members, while Spain
(13), Poland
(20) and the Netherlands
(21) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP
rates, only Spain
, the Netherlands
, Taiwan
, and Poland
appear above any G-20 member in both lists simultaneously. Spain
, being the 12th largest economy in the world and 5th in the European Union
in terms of nominal GDP, is a 'permanent guest' of the organization, although the Spanish government's policy is to not request official membership. As such, Spain has been invited and attended every G-20 heads of state summits with its own delegation, since its inception.
(chair of NEPAD), Malawi
(chair of the African Union
), Vietnam
(chair of ASEAN), and Spain. As one of the world's 12 largest economies, Spain has been invited to every summit. Canada also invited the Netherlands (the world's 16th-largest economy), while South Korea invited Singapore
. Both Canada and South Korea invited seven international organizations: the United Nations
, the International Labour Organization
, the World Bank
, the International Monetary Fund
, the Organisation for Economic Cooperation and Development, the World Trade Organization
, and the Financial Stability Board
.
with Der Spiegel
, Norwegian Foreign Minister Jonas Gahr Støre
called the G-20 "one of the greatest setbacks since World War II." Although Norway is the largest contributor to development programs in the World Bank and United Nations, it is not a member of the E.U. and thus not represented in the G-20 even indirectly. Norway, like the other 170 nations not among the G-20, has little or no voice within the group. Støre characterized the G-20 as a "self-appointment group", arguing that it undermines the legitimacy of organizations set up in the aftermath of World War II, organizations like the IMF, World Bank and United Nations:
's representative to the United Nations, UN members who are not G-20 members have responded to the G-20's exclusivity by either reacting with indifference, refusing to acknowledge the G-20's legitimacy, or accepting the G-20's status while hoping to "engage the G-20 as the latter continues to evolve so that our interests are taken on board." Out of this latter group Singapore has taken a leading role in organizing an informal "Global Governance Group" of 28 non-G-20 countries, with the idea being that by working collectively they might channel their views into the G-20 process more effectively. Singapore's chairing of the Global Governance Group was cited as a rationale for inviting Singapore to the November 2010 G-20 Summit in South Korea.
within the United Nations
, where members should be elected by the General Assembly
based on their importance in the world economy and the contribution they are willing to provide to world economic development.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G-20 summits have attracted protesters from a variety of backgrounds, including anarchists, anti-capitalists and nationalists. In 2010, the Toronto G-20 summit sparked mass protests and rioting
, leading to the largest mass arrest in Canadian history.
Finance minister
The finance minister is a cabinet position in a government.A minister of finance has many different jobs in a government. He or she helps form the government budget, stimulate the economy, and control finances...
s and central bank
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
governors from 20 major economies: 19 countries plus the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
, which is represented by the President
President of the European Council
The President of the European Council is a principal representative of the European Union on the world stage, and the person presiding over and driving forward the work of the European Council...
of the European Council
European Council
The European Council is an institution of the European Union. It comprises the heads of state or government of the EU member states, along with the President of the European Commission and the President of the European Council, currently Herman Van Rompuy...
and by the European Central Bank
European Central Bank
The European Central Bank is the institution of the European Union that administers the monetary policy of the 17 EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam in 1998, and is headquartered in Frankfurt,...
. Their heads of government
Head of government
Head of government is the chief officer of the executive branch of a government, often presiding over a cabinet. In a parliamentary system, the head of government is often styled prime minister, chief minister, premier, etc...
or heads of state
Head of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies account for more than 80 percent of the global gross national product (GDP), 80 percent of world trade
International trade
International trade is the exchange of capital, goods, and services across international borders or territories. In most countries, such trade represents a significant share of gross domestic product...
(including EU intra-trade) and two-thirds of the world population
World population
The world population is the total number of living humans on the planet Earth. As of today, it is estimated to be billion by the United States Census Bureau...
. They contribute to 84.1 percent and 82.2 percent of the world's economic growth by nominal GDP and GDP (PPP) respectively
Emerging and Growth-Leading Economies
Emerging and growth-leading economies are the key emerging economies that are expected to lead global growth in the next decade.-The EAGLEs concept:...
from the years 2010 to 2016, according to the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF).
The G-20 was proposed by former Canadian Finance Minister Paul Martin
Paul Martin
Paul Edgar Philippe Martin, PC , also known as Paul Martin, Jr. is a Canadian politician who was the 21st Prime Minister of Canada, as well as leader of the Liberal Party of Canada....
(later, Prime Minister) for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion (among key industrial and emerging market countries) of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008 Washington summit
2008 G-20 Washington summit
The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial...
, its leaders announced on September 25, 2009, that the group will replace the G8
G8
The Group of Eight is a forum, created by France in 1975, for the governments of seven major economies: Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. In 1997, the group added Russia, thus becoming the G8...
as the main economic council of wealthy nations.
The heads of the G-20 nations met semi-annually at G-20 summits between 2008 and 2011. Following the most recent summit, which was held in Cannes
2011 G-20 Cannes summit
The 2011 G-20 Cannes Summit is the sixth meeting of the G-20 heads of government in a series of on-going discussions about financial markets and the world economy....
in November 2011, all future G-20 summits will be held annually.
History
G33 (industrialized countries)
The Group of 33 was an international grouping that existed briefly in 1999, comprising the thirty-three leading national economies of the world.It superseded the Group of 22 in early 1999, and was itself superseded by the Group of 20 later that year...
(which had itself superseded the G22), was foreshadowed at the Cologne Summit of the G7 in June 1999, but was only formally established at the G7 Finance Ministers' meeting on 26 September 1999. The inaugural meeting took place on 15–16 December 1999 in Berlin. In 2008, Spain and the Netherlands were included, by French invitation, in the G-20 Leaders Summit on Financial Markets and the World Economy
2008 G-20 Washington summit
The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial...
.
In 2006 the theme of the G-20 meeting was “Building and Sustaining Prosperity”. The issues discussed included domestic reforms to achieve “sustained growth”, global energy and resource commodity markets, ‘reform’ of the World Bank and IMF, and the impact of demographic changes due to an aging population. Trevor A. Manuel, MP, Minister of Finance, South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007. Guido Mantega
Guido Mantega
Guido Mantega is a Brazilian economist, politician and currently Brazil's Finance Minister. He graduated in Economics from the Faculdade de Economia, Administração e Contabilidade of the University of São Paulo and is a professor of Economics at several leading universities of São Paulo.He has...
, Minister of Finance, Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. In a statement following a meeting of G7 finance ministers on 11 October 2008, US President George W. Bush
George W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008. An initiative by French President Nicolas Sarkozy
Nicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....
and British Prime Minister Gordon Brown
Gordon Brown
James Gordon Brown is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007...
led to a special meeting of the G-20, a G-20 Leaders Summit on Financial Markets and the World Economy
2008 G-20 Washington summit
The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial...
, on 15 November 2008.
Despite lacking any formal ability to enforce rules, the G-20's prominent membership gives it a strong input on global policy. However, there are disputes over the legitimacy of the G-20.
Additionally, there had been talk and hope for better organization and power at the Seoul summit, but there was little done. Macroeconomics was discussed while development issues were ignored. Many hope that global governance can be made more inclusive by the G 20 and that their declarations can actually be seen through.
Summits
The G-20 Summit was created as a response both to the financial crisis of 2007–2010 and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. The G-20 Summits of heads of stateHead of State
A head of state is the individual that serves as the chief public representative of a monarchy, republic, federation, commonwealth or other kind of state. His or her role generally includes legitimizing the state and exercising the political powers, functions, and duties granted to the head of...
or government
Head of government
Head of government is the chief officer of the executive branch of a government, often presiding over a cabinet. In a parliamentary system, the head of government is often styled prime minister, chief minister, premier, etc...
were held in addition to the G-20 Meetings of Finance Ministers and Central Bank Governors who continued to meet to prepare the leaders' summit and implement their decisions. After the debut summit in Washington, D.C. during 2008, G-20 leaders met twice a year in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and Pittsburgh in 2009, Toronto
Toronto
Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from...
and Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
in 2010.
From 2011, when France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
chaired and hosted the G-20, the summits will be held only once a year. Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
will chair and host the leaders' summit in 2012.
| Date | Host country | Host city | Website | |
|---|---|---|---|---|
| 1st 2008 G-20 Washington summit The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial... |
November 2008 |  United States |
Washington, D.C. Washington, D.C. Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution.... |
|
| 2nd 2009 G-20 London summit The 2009 G-20 London Summit is the second meeting of the G-20 heads of state in discussion of financial markets and the world economy, which was held in London on 2 April 2009 at the ExCeL Exhibition Centre. It followed the first G-20 Leaders Summit on Financial Markets and the World Economy, which... |
April 2009 |  United Kingdom |
London London London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its... |
http://www.londonsummit.gov.uk/ |
| 3rd 2009 G-20 Pittsburgh summit The 2009 G-20 Pittsburgh Summit was the third meeting of the G-20 heads of state in discussion of financial markets and the world economy.The G-20 is the premier forum for discussing, planning and monitoring international economiccooperation.... |
September 2009 | United States |
Pittsburgh | http://www.g20pittsburghsummit.org/ |
| 4th 2010 G-20 Toronto summit The 2010 G-20 Toronto summit was the fourth meeting of the G-20 heads of government, in discussion of the global financial system and the world economy, which took place at the Metro Toronto Convention Centre in Toronto, Ontario, Canada, during June 26–27, 2010... |
June 2010 |  Canada |
Toronto Toronto Toronto is the provincial capital of Ontario and the largest city in Canada. It is located in Southern Ontario on the northwestern shore of Lake Ontario. A relatively modern city, Toronto's history dates back to the late-18th century, when its land was first purchased by the British monarchy from... |
http://g20.gc.ca/ |
| 5th 2010 G-20 Seoul summit The 2010 G20 Seoul Summit was the fifth meeting of the G-20 heads of government, to discuss the global financial system and the world economy, which took place in Seoul, South Korea on November 11–12, 2010... |
November 2010 |  South Korea |
Seoul Seoul Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world... |
http://www.seoulsummit.kr/ |
| 6th 2011 G-20 Cannes summit The 2011 G-20 Cannes Summit is the sixth meeting of the G-20 heads of government in a series of on-going discussions about financial markets and the world economy.... |
November 2011 |  Early Modern France |
Cannes Cannes Cannes is one of the best-known cities of the French Riviera, a busy tourist destination and host of the annual Cannes Film Festival. It is a Commune of France in the Alpes-Maritimes department.... |
http://www.g20-g8.com/g8-g20/g20/english/home.9.html |
| 7th 2012 G-20 Mexico summit The 2012 G-20 Mexico Summit will be the seventh meeting of the G-20 heads of government.It will be held in Los Cabos, Baja California Sur, in June 2012.- Agenda :Mexico believes the forum can better represent developing countries in both vision and policy... |
June 2012 |  Mexico |
Los Cabos | TBA |
| 8th | 2013 |  Russia |
TBA | |
| 9th | 2014 |  Australia |
TBA | |
| 10th | 2015 |  Turkey |
TBA | |
G-20 leaders' chair rotation
To decide which nation gets to chair the G-20 leaders' meeting for a given year, all 19 nations are assigned to one of five different groupings. Each group holds a maximum of four nations. This system has been in place since 2010, when South Korea, which is in Group 5, held the G-20 chair. France, the host of the 2011 G-20 summit, is in Group 4, and Mexico, the host of the 2012 summit, is in Group 3. In 2013, Russia, which is in Group 2, will host the G-20 leaders' summit. The table below lists the nations' groupings:| Group | Nations | Group | Nations | Group | Nations | Group | Nations | Group | Nations |
|---|---|---|---|---|---|---|---|---|---|
| Group 1 | Australia | Group 2 | India | Group 3 | Argentina | Group 4 | France | Group 5 | China |
| Canada | Russia | Brazil | Germany | Indonesia | |||||
| Saudi Arabia | South Africa | Mexico | Italy | Japan | |||||
| United States | Turkey | — | United Kingdom | South Korea |
Organization
The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the TroikaTroika (triumvirate)
Troika is a committee consisting of three members. The origin of "troika" comes from the term in Russian used to describe three-horse harnessed carriage, or more often, horse-drawn sledge.- Communist states :...
. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years. The current chair of G-20 is France
France
The French Republic , The French Republic , The French Republic , (commonly known as France , is a unitary semi-presidential republic in Western Europe with several overseas territories and islands located on other continents and in the Indian, Pacific, and Atlantic oceans. Metropolitan France...
; the chair was handed over from South Korea
South Korea
The Republic of Korea , , is a sovereign state in East Asia, located on the southern portion of the Korean Peninsula. It is neighbored by the People's Republic of China to the west, Japan to the east, North Korea to the north, and the East China Sea and Republic of China to the south...
after the November 2010 G-20 Summit.
Proposed permanent secretariat
In 2010, French President Nicolas SarkozyNicolas Sarkozy
Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier....
proposed the establishment of a permanent G-20 secretariat, similar to the United Nations Security Council
United Nations Security Council
The United Nations Security Council is one of the principal organs of the United Nations and is charged with the maintenance of international peace and security. Its powers, outlined in the United Nations Charter, include the establishment of peacekeeping operations, the establishment of...
. Seoul
Seoul
Seoul , officially the Seoul Special City, is the capital and largest metropolis of South Korea. A megacity with a population of over 10 million, it is the largest city proper in the OECD developed world...
and Paris
Paris
Paris is the capital and largest city in France, situated on the river Seine, in northern France, at the heart of the Île-de-France region...
were suggested as possible locations for its headquarters. China
China
Chinese civilization may refer to:* China for more general discussion of the country.* Chinese culture* Greater China, the transnational community of ethnic Chinese.* History of China* Sinosphere, the area historically affected by Chinese culture...
and Brazil
Brazil
Brazil , officially the Federative Republic of Brazil , is the largest country in South America. It is the world's fifth largest country, both by geographical area and by population with over 192 million people...
supported the establishment of a secretariat, while Japan
Japan
Japan is an island nation in East Asia. Located in the Pacific Ocean, it lies to the east of the Sea of Japan, China, North Korea, South Korea and Russia, stretching from the Sea of Okhotsk in the north to the East China Sea and Taiwan in the south...
and Italy
Italy
Italy , officially the Italian Republic languages]] under the European Charter for Regional or Minority Languages. In each of these, Italy's official name is as follows:;;;;;;;;), is a unitary parliamentary republic in South-Central Europe. To the north it borders France, Switzerland, Austria and...
expressed opposition to the proposal. South Korea proposed a "cyber secretariat" as an alternative.
Role of Asian countries
A 2011 report released by the Asian Development BankAsian Development Bank
The Asian Development Bank is a regional development bank established on 22 August 1966 to facilitate economic development of countries in Asia...
predicted that Asian nations such as China and India would play a more important role in the process of global economic governance reform in the future. The report stated that the rise of emerging market economies heralded a new world order, in which the G-20 would become the global economic steering committee.
The report noted that Asia had led the global recovery following the late-2000s recession, and predicted that the region would have a greater presence on the global stage, shaping the G-20 agenda for balanced and sustainable growth through strengthening intraregional trade and stimulating domestic demand.
Member countries and organizations
As of 2011, there are 20 members of the G-20. These include, at the leaders summits, the leaders of 19 countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of 19 countries and of the European Union. In addition, the NetherlandsNetherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
have taken part in the first four G-20 heads of state meetings, while Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
has participated in every meeting so far, despite not being recognized members.
| Region | Member | Official title | Current Leader | Official title | Current Finance Minister | Central Bank Governor | GDP (nominal) $Million USD |
GDP (PPP) $Million USD |
GDP per capita (nominal) $USD |
GDP per capita (PPP) $USD |
HDI | Population |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Africa Africa Africa is the world's second largest and second most populous continent, after Asia. At about 30.2 million km² including adjacent islands, it covers 6% of the Earth's total surface area and 20.4% of the total land area... |
 South Africa |
President President of South Africa The President of the Republic of South Africa is the head of state and head of government under South Africa's Constitution. From 1961 to 1994, the head of state was called the State President.... |
Jacob Zuma Jacob Zuma Jacob Gedleyihlekisa Zuma is the President of South Africa, elected by parliament following his party's victory in the 2009 general election.... |
Minister of Finance | Pravin Gordhan Pravin Gordhan Pravin Jamnadas Gordhan is a South African political figure, serving as Minister of Finance since May 2009. He was previously the Commissioner of the South African Revenue Service from 1999 to 2009. From 1991 and 1994, he chaired the Convention for a Democratic South Africa... |
Gill Marcus Gill Marcus Gill Marcus is the ninth Governor of the South African Reserve Bank. She is the first woman to hold the position.-Early Years:Marcus was born in Johannesburg, South Africa. Her grandparents were Jewish immigrants from Lithuania... |
357,259 | 523,954 | 7,101 | 10,505 | 0.619 | 49,320,500 |
| N.America North America North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas... |
Canada |
Prime Minister Prime Minister of Canada The Prime Minister of Canada is the primary minister of the Crown, chairman of the Cabinet, and thus head of government for Canada, charged with advising the Canadian monarch or viceroy on the exercise of the executive powers vested in them by the constitution... |
Stephen Harper Stephen Harper Stephen Joseph Harper is the 22nd and current Prime Minister of Canada and leader of the Conservative Party. Harper became prime minister when his party formed a minority government after the 2006 federal election... |
Minister of Finance Minister of Finance (Canada) The Minister of Finance is the Minister of the Crown in the Canadian Cabinet who is responsible each year for presenting the federal government's budget... |
Jim Flaherty Jim Flaherty James Michael "Jim" Flaherty, PC, MP is Canada's Minister of Finance and he has also served as Ontario's Minister of Finance. From 1995 until 2005, he was the Member of Provincial Parliament for Whitby—Ajax, and a member of the Progressive Conservative Party caucus... |
Mark Carney Mark Carney Mark J. Carney is the eighth and current governor of the Bank of Canada and the Chairman of the Financial Stability Board, an institution of the G20 based in Basel, Switzerland. These appointments were on October 4, 2007 , and on November 4, 2011... |
1,574,051 | 1,330,272 | 45,888 | 39,033 | 0.908 | 34,088,000 |
| N.America North America North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas... |
Mexico |
President President of Mexico The President of the United Mexican States is the head of state and government of Mexico. Under the Constitution, the president is also the Supreme Commander of the Mexican armed forces... |
Felipe Calderón Felipe Calderón Felipe de Jesús Calderón Hinojosa is the current President of Mexico. He assumed office on December 1, 2006, and was elected for a single six-year term through 2012... |
Secretary of Finance Secretariat of Finance and Public Credit The Secretariat of Finance and Public Credit is Mexico's finance ministry. The Secretary of Finance and Public Credit is a member of the federal executive cabinet and is appointed by the President of the Republic.In Mexico the Secretary of Finance is the head of the Secretariat of Finance and... |
José Antonio Meade Kuribeña | Agustín Carstens Agustín Carstens Agustín Guillermo Carstens Carstens is a Mexican economist who has served as Governor of the Bank of Mexico since and was recently seeking to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund... |
1,039,121 | 1,567,470 | 8,959 | 13,971 | 0.770 | 112,211,789 |
| N.America North America North America is a continent wholly within the Northern Hemisphere and almost wholly within the Western Hemisphere. It is also considered a northern subcontinent of the Americas... |
United States |
President President of the United States The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces.... |
Barack Obama Barack Obama Barack Hussein Obama II is the 44th and current President of the United States. He is the first African American to hold the office. Obama previously served as a United States Senator from Illinois, from January 2005 until he resigned following his victory in the 2008 presidential election.Born in... |
Secretary of the Treasury United States Secretary of the Treasury The Secretary of the Treasury of the United States is the head of the United States Department of the Treasury, which is concerned with financial and monetary matters, and, until 2003, also with some issues of national security and defense. This position in the Federal Government of the United... |
Timothy Geithner | Ben Bernanke Ben Bernanke Ben Shalom Bernanke is an American economist, and the current Chairman of the Federal Reserve, the central bank of the United States. During his tenure as Chairman, Bernanke has overseen the response of the Federal Reserve to late-2000s financial crisis.... |
14,657,800 | 14,657,800 | 47,132 | 47,132 | 0.910 | 309,173,000 |
| S.America South America South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east... |
 Argentina |
President President of Argentina The President of the Argentine Nation , usually known as the President of Argentina, is the head of state of Argentina. Under the national Constitution, the President is also the chief executive of the federal government and Commander-in-Chief of the armed forces.Through Argentine history, the... |
Cristina Fernández de Kirchner Cristina Fernández de Kirchner Cristina Elisabet Fernández de Kirchner , commonly known as Cristina Fernández or Cristina Kirchner is the 55th and current President of Argentina and the widow of former President Néstor Kirchner. She is Argentina's first elected female president, and the second female president ever to serve... |
Minister of Economy Minister of Economy of Argentina The Minister of Economy is the head of the Ministry of Economy and Production of Argentina, concerned with finance and monetary matters. The position within the Government of Argentina is analogous to the finance ministers of some countries and the United States Treasury Secretary... |
Amado Boudou Amado Boudou Amado Boudou is an Argentine businessman and government policy maker who serves as Minister of the Economy since 2009. He was elected Vice President of Argentina as running mate of Cristina Fernández de Kirchner in the 2011 general election.-Early life and career:Amado Boudou was born in Mar del... |
Mercedes Marcó del Pont Mercedes Marcó del Pont Mercedes Marcó del Pont is an Argentine economist and lawmaker appointed President of the Central Bank of Argentina on February 3, 2010.-Life and times:... |
370,269 | 642,402 | 9,138 | 17,200 | 0.797 | 41,134,425 |
| S.America South America South America is a continent situated in the Western Hemisphere, mostly in the Southern Hemisphere, with a relatively small portion in the Northern Hemisphere. The continent is also considered a subcontinent of the Americas. It is bordered on the west by the Pacific Ocean and on the north and east... |
 Brazil |
President President of Brazil The president of Brazil is both the head of state and head of government of the Federative Republic of Brazil. The president leads the executive branch of the federal government and is the commander-in-chief of the Brazilian Armed Forces... |
Dilma Rousseff Dilma Rousseff Dilma Vana Rousseff is the 36th and current President of Brazil. She is the first woman to hold the office. Prior to that, in 2005, she was also the first woman to become Chief of Staff of Brazil, appointed by then President Luiz Inácio Lula da Silva.... |
Minister of Finance Ministry of Finance (Brazil) The Ministry of Finance of Brazil was created in 1808 with the title Secretaria de Estado dos Negócios do Brazil e da Fazenda. The ministry is responsible for formulating and implementing the country's economic policy.-External links:*... |
Guido Mantega Guido Mantega Guido Mantega is a Brazilian economist, politician and currently Brazil's Finance Minister. He graduated in Economics from the Faculdade de Economia, Administração e Contabilidade of the University of São Paulo and is a professor of Economics at several leading universities of São Paulo.He has... |
Alexandre Tombini Alexandre Tombini Alexandre Antônio Tombini is a Brazilian economist. He is the current president of Central Bank of Brazil.- External links :*... |
2,090,314 | 2,172,058 | 10,471 | 11,289 | 0.718 | 193,088,765 |
| East Asia East Asia East Asia or Eastern Asia is a subregion of Asia that can be defined in either geographical or cultural terms... |
' | President President of the People's Republic of China The President of the People's Republic of China is a ceremonial office and a part of State organs under the National People's Congress and it is the head of state of the People's Republic of China . The office was created by the 1982 Constitution... |
Hu Jintao Hu Jintao Hu Jintao is the current Paramount Leader of the People's Republic of China. He has held the titles of General Secretary of the Communist Party of China since 2002, President of the People's Republic of China since 2003, and Chairman of the Central Military Commission since 2004, succeeding Jiang... |
Minister of Finance Ministry of Finance of the People's Republic of China The Ministry of Finance of the People's Republic of China is the national executive agency of the Central People's Government which administers macroeconomic policies and the national annual budget. It also handles fiscal policy, economic regulations and government expenditure for the state.The... |
Xie Xuren Xie Xuren Xie Xuren , is the current Minister of Finance of People's Republic of China, and former Director-General of the State Administration of Taxation. He's also a member of the 17th CPC Central Committee.-Biography:... |
Zhou Xiaochuan Zhou Xiaochuan Zhou Xiaochuan is a Chinese economist, banker, reformist and bureaucrat. As governor of the People's Bank of China since December 2002, he has been in charge of the monetary policy of the People's Republic of China.... |
5,878,257 | 10,106,884 | 4,382 | 7,544 | 0.687 | 1,339,724,852 |
| East Asia East Asia East Asia or Eastern Asia is a subregion of Asia that can be defined in either geographical or cultural terms... |
 Japan |
Prime Minister Prime Minister of Japan The is the head of government of Japan. He is appointed by the Emperor of Japan after being designated by the Diet from among its members, and must enjoy the confidence of the House of Representatives to remain in office... |
Yoshihiko Noda Yoshihiko Noda is the current Prime Minister of Japan, a member of the Democratic Party of Japan , and a member of the House of Representatives in the Diet... |
Minister of Finance Minister of Finance (Japan) The is the member of the Cabinet of Japan in charge of the Ministry of Finance. This position was formerly cited as being Japan's most powerful and one of the world's, because Japan had historically held the largest foreign exchange reserves... |
Jun Azumi Jun Azumi is a Japanese politician of the Democratic Party of Japan , a member of the House of Representatives in the Diet . A native of Oshika District, Miyagi and graduate of Waseda University, he worked at the public broadcaster NHK from 1985 to 1993... |
Masaaki Shirakawa Masaaki Shirakawa is a Japanese economist, central banker and the 30th Governor of the Bank of Japan . He is also a Director and Vice-Chairman of the Bank for International Settlements .-Early life:... |
5,458,872 | 4,309,532 | 42,820 | 33,804 | 0.901 | 127,390,000 |
| East Asia East Asia East Asia or Eastern Asia is a subregion of Asia that can be defined in either geographical or cultural terms... |
South Korea |
President President of South Korea The President of the Republic of Korea is, according to the Constitution of the Republic of Korea, chief executive of the government, commander-in-chief of the armed forces, and the head of state of the Republic of Korea... |
Lee Myung-bak Lee Myung-bak Lee Myung-bak is the President of South Korea. Prior to his presidency, he was the CEO of Hyundai Engineering and Construction and the mayor of Seoul. He is married to Kim Yoon-ok and has three daughters and one son. His older brother is Lee Sang-deuk, a South Korean politician. He attends the... |
Minister of Strategy and Finance |
Yoon Jeung-hyun Yoon Jeung-hyun Yoon Jeung-hyun is a South Korean civil servant and politician. He is the current Minister of Strategy and Finance.... |
Kim Choong-soo | 1,007,084 | 1,459,246 | 20,590 | 29,835 | 0.897 | 48,875,000 |
| S.Asia South Asia South Asia, also known as Southern Asia, is the southern region of the Asian continent, which comprises the sub-Himalayan countries and, for some authorities , also includes the adjoining countries to the west and the east... |
 India |
Prime Minister Prime Minister of India The Prime Minister of India , as addressed to in the Constitution of India — Prime Minister for the Union, is the chief of government, head of the Council of Ministers and the leader of the majority party in parliament... |
Manmohan Singh Manmohan Singh Manmohan Singh is the 13th and current Prime Minister of India. He is the only Prime Minister since Jawaharlal Nehru to return to power after completing a full five-year term. A Sikh, he is the first non-Hindu to occupy the office. Singh is also the 7th Prime Minister belonging to the Indian... |
Minister of Finance Finance Minister of India The Minister of Finance, also known as the Finance Minister of India is a cabinet position in the Government of India and heads the Ministry of Finance. He drafts the general budget of the country, and is in charge of the national economy. Currently, Pranab Mukherjee holds the charge of finance... |
Pranab Mukherjee Pranab Mukherjee Pranab Kumar Mukherjee is the current Finance Minister of India and leader of the current Lok Sabha.Mukherjee is a senior member of the Cabinet Committees on Economic Affairs, Infrastructure, Parliamentary Affairs, Political Affairs, Prices, Security, Unique Identification Authority of India,... |
Duvvuri Subbarao Duvvuri Subbarao Duvvuri Subbarao is an Indian economist, central banker, and civil servant. He is the 22nd and current Governor of Reserve Bank of India, serving under Prime Minister Manmohan Singh.... |
1,631,987 | 4,060,392 | 1,176 | 3,290 | 0.547 | 1,210,193,422 |
| SE.Asia Southeast Asia Southeast Asia, South-East Asia, South East Asia or Southeastern Asia is a subregion of Asia, consisting of the countries that are geographically south of China, east of India, west of New Guinea and north of Australia. The region lies on the intersection of geological plates, with heavy seismic... |
 Indonesia |
President President of Indonesia The President of the Republic of Indonesia is the head of state and the head of government of the Republic of Indonesia.The first president was Sukarno and the current president is Susilo Bambang Yudhoyono.- Sukarno era :... |
Susilo Bambang Yudhoyono Susilo Bambang Yudhoyono Susilo Bambang Yudhoyono AC , is an Indonesian politician and retired Army general officer who has been President of Indonesia since 2004.... |
Minister of Finance Minister of Finance (Indonesia) The Finance Minister of Indonesia is the Head of the Ministry of Finance of Indonesia.... |
Agus Martowardojo Agus Martowardojo Agus Dermawan Wintarto Martowardojo is the current Finance Minister of Indonesia, since May 20, 2010 and former CEO of Bank Mandiri. He succeeded former minister Sri Mulyani Indrawati, who was resigned from the office and taking position as Managing Director of the World Bank Group.- Early careers... |
Darmin Nasution Darmin Nasution Darmin Nasution was born in Tapanuli in North Sumatra on 21st December 1948. In 1986 he received his doctorate of Economics from the University of Paris, Sorbonne, France.Dr... |
706,735 | 1,029,884 | 2,963 | 4,380 | 0.617 | 237,556,363 |
| W.Asia |  Saudi Arabia |
King | Abdullah Abdullah of Saudi Arabia Abdullah bin Abdul-Aziz Al Saud, Custodian of the Two Holy Mosques, is the King of Saudi Arabia. He succeeded to the throne on 1 August 2005 upon the death of his half-brother, King Fahd. When Crown Prince, he governed Saudi Arabia as regent from 1998 to 2005... |
Minister of Finance | Ibrahim Abdulaziz Al-Assaf Ibrahim Abdulaziz Al-Assaf Dr. Ibrahim bin Abdulaziz bin Abdullah Al-Assaf is the current Finance Minister of Saudi Arabia.-Biography:Dr. Ibrahim was born in the Qassim Province in central Saudi Arabia. He received his Bachelor of Arts in Economic and Political Science from King Saud University, Riyadh in 1971... |
Muhammed Al-Jasser Muhammed Al-Jasser His Excellency Dr. Muhammed Sulaiman Al-Jasser is a Saudi finance minister and governor of the Saudi Arabian Monetary Agency .... |
443,691 | 621,993 | 16,641 | 23,742 | 0.770 | 27,123,977 |
| Eurasia Eurasia Eurasia is a continent or supercontinent comprising the traditional continents of Europe and Asia ; covering about 52,990,000 km2 or about 10.6% of the Earth's surface located primarily in the eastern and northern hemispheres... |
Russia |
President President of the Russian Federation The President of the Russian Federation is the head of state, supreme commander-in-chief and holder of the highest office within the Russian Federation... |
Dmitry Medvedev Dmitry Medvedev Dmitry Anatolyevich Medvedev is the third President of the Russian Federation.Born to a family of academics, Medvedev graduated from the Law Department of Leningrad State University in 1987. He defended his dissertation in 1990 and worked as a docent at his alma mater, now renamed to Saint... |
Minister of Finance Ministry of Finance of the Russian Federation Ministry of Finance of the Russian Federation is a federal ministry, responsible for general financial policy and for general management in the field of finance of the Russian Federation. The ministry has two predecessors, the most notable one being the Ministry of Finance of the USSR, the other... |
Anton Siluanov Anton Siluanov Anton Germanovich Siluanov is a Russian politician and economist. On September 27, 2011 appointed Acting Minister of Finance of the Russian Federation by Prime Minister Vladimir Putin... |
Sergey Mikhaylovich Ignatyev | 1,465,079 | 2,222,957 | 10,521 | 15,807 | 0.755 | 141,927,297 |
| Eurasia Eurasia Eurasia is a continent or supercontinent comprising the traditional continents of Europe and Asia ; covering about 52,990,000 km2 or about 10.6% of the Earth's surface located primarily in the eastern and northern hemispheres... |
Turkey |
Prime Minister Prime Minister of Turkey The Prime Minister of the Turkey is the head of government in Turkish politics. The prime minister is the leader of a political coalition in the Turkish parliament and the leader of the cabinet.... |
Recep Tayyip Erdoğan Recep Tayyip Erdogan Recep Tayyip Erdoğan has been Prime Minister of Turkey since 2003 and is chairman of the ruling Justice and Development Party , which holds a majority of the seats in the Grand National Assembly of Turkey. Erdoğan served as Mayor of Istanbul from 1994 to 1998. He graduated in 1981 from Marmara... |
Minister of Finance Ministry of Finance (Turkey) The Ministry of Finance is a government ministry office of the Republic of Turkey, responsible for finance and tax affairs in Turkey. The current minister is Mehmet Simsek since 2009.... |
Mehmet Şimşek Mehmet Simsek Mehmet Şimşek was born 1 January 1967, from a Turkish family of Kurdish descent in the city of Batman, Turkey.He is the Minister of Finance of Turkey in the cabinet of re-elected Prime Minister Recep Tayyip Erdoğan. He was elected to the Parliament for Gaziantep in the general election on July 22,... |
Erdem Başçı Erdem Başçı Erdem Başçı is a Turkish economist and the current Governor of the Central Bank of the Republic of Turkey since April 2011.-Early life:... |
741,853 | 1,115,994 | 10,399 | 15,340 | 0.699 | 72,561,312 |
| Europe Europe Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting... |
' | E. Council President President of the European Council The President of the European Council is a principal representative of the European Union on the world stage, and the person presiding over and driving forward the work of the European Council... ---- Commission President President of the European Commission The President of the European Commission is the head of the European Commission ― the executive branch of the :European Union ― the most powerful officeholder in the EU. The President is responsible for allocating portfolios to members of the Commission and can reshuffle or dismiss them if needed... |
Herman Van Rompuy Herman Van Rompuy Herman Achille Van Rompuy is the first long-term and full-time President of the European Council... ---- José Manuel Durão Barroso |
Commissioner for Economic and Monetary Affairs |
Olli Rehn Olli Rehn Olli Ilmari Rehn is a Finnish politician, currently serving as European Commissioner for Economic and Financial Affairs. He had previously served as Commissioner for Enlargement... |
Mario Draghi Mario Draghi Mario Draghi is an Italian banker and economist who succeeded Jean-Claude Trichet as President of the European Central Bank on 1 November 2011... |
16,282,230 | 15,170,419 | 32,283 | 32,600 | 501,259,840 | |
| Europe Europe Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting... |
Early Modern France |
President | Nicolas Sarkozy Nicolas Sarkozy Nicolas Sarkozy is the 23rd and current President of the French Republic and ex officio Co-Prince of Andorra. He assumed the office on 16 May 2007 after defeating the Socialist Party candidate Ségolène Royal 10 days earlier.... |
Minister of the Economy, Industry and Employment |
François Baroin François Baroin François Baroin is a French politician, recently appointed Finance Minister, following a stint as Minister of the Budget in the François Fillon III government... |
Christian Noyer Christian Noyer Christian Noyer is a French higher civil servant, current governor of the Bank of France , and former vice-president of the Executive Board of the European Central Bank . In March 2010 Noyer became Chairman of the Bank for International Settlements.-References: *... |
2,582,527 | 2,145,487 | 40,591 | 34,092 | 0.884 | 65,447,374 |
| Europe Europe Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting... |
 Germany |
Chancellor Chancellor of Germany The Chancellor of Germany is, under the German 1949 constitution, the head of government of Germany... |
Angela Merkel Angela Merkel Angela Dorothea Merkel is the current Chancellor of Germany . Merkel, elected to the Bundestag from Mecklenburg-Vorpommern, has been the chairwoman of the Christian Democratic Union since 2000, and chairwoman of the CDU-CSU parliamentary coalition from 2002 to 2005.From 2005 to 2009 she led a... |
Minister of Finance | Wolfgang Schäuble Wolfgang Schäuble Wolfgang Schäuble is a German politician of the Christian Democratic Union , currently serving as the Federal Minister of Finance in the Second Cabinet Merkel.... |
Jens Weidmann Jens Weidmann Jens Weidmann is a German economist and president of the Deutsche Bundesbank. Before assuming the top Bundesbank position in 2011, from February 2006, he served as Head of Division IV in the Federal Chancellery... |
3,315,643 | 2,940,434 | 40,512 | 35,930 | 0.905 | 81,757,600 |
| Europe Europe Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting... |
 Italy |
Prime Minister Prime minister of Italy The Prime Minister of Italy is the head of government of the Italian Republic... |
Mario Monti Mario Monti Mario Monti is an Italian economist and academic who is Prime Minister of Italy, as well as Minister of Economy and Finance, since November 2011. Monti served as a European Commissioner from 1995 to 2004, with responsibility for the Internal Market, Services, Customs and Taxation from 1995 to 1999... |
Minister of Economy and Finance |
Mario Monti Mario Monti Mario Monti is an Italian economist and academic who is Prime Minister of Italy, as well as Minister of Economy and Finance, since November 2011. Monti served as a European Commissioner from 1995 to 2004, with responsibility for the Internal Market, Services, Customs and Taxation from 1995 to 1999... |
Ignazio Visco Ignazio Visco Ignazio Visco is an Italian economist and the current Governor of the Banca d'Italia- Life and career :Visco was born in Naples on 21 November 1949... |
2,055,114 | 1,773,547 | 33,828 | 29,418 | 0.874 | 60,325,805 |
| Europe Europe Europe is, by convention, one of the world's seven continents. Comprising the westernmost peninsula of Eurasia, Europe is generally 'divided' from Asia to its east by the watershed divides of the Ural and Caucasus Mountains, the Ural River, the Caspian and Black Seas, and the waterways connecting... |
United Kingdom |
Prime Minister Prime Minister of the United Kingdom The Prime Minister of the United Kingdom of Great Britain and Northern Ireland is the Head of Her Majesty's Government in the United Kingdom. The Prime Minister and Cabinet are collectively accountable for their policies and actions to the Sovereign, to Parliament, to their political party and... |
David Cameron David Cameron David William Donald Cameron is the current Prime Minister of the United Kingdom, First Lord of the Treasury, Minister for the Civil Service and Leader of the Conservative Party. Cameron represents Witney as its Member of Parliament .... |
Chancellor of the Exchequer Chancellor of the Exchequer The Chancellor of the Exchequer is the title held by the British Cabinet minister who is responsible for all economic and financial matters. Often simply called the Chancellor, the office-holder controls HM Treasury and plays a role akin to the posts of Minister of Finance or Secretary of the... |
George Osborne George Osborne George Gideon Oliver Osborne, MP is a British Conservative politician. He is the Chancellor of the Exchequer of the United Kingdom, a role to which he was appointed in May 2010, and has been the Member of Parliament for Tatton since 2001.Osborne is part of the old Anglo-Irish aristocracy, known in... |
Sir Mervyn King Mervyn King (economist) An ex-officio member of the Bank's interest-rate setting Monetary Policy Committee since its inception in 1997, Sir Mervyn is the only person to have taken part in every one of its monthly meetings to date. His voting style is often seen as "hawkish", a perspective that emphasises the dangers of... |
2,247,455 | 2,172,768 | 36,298 | 35,053 | 0.863 | 62,041,708 |
| Oceania Oceania Oceania is a region centered on the islands of the tropical Pacific Ocean. Conceptions of what constitutes Oceania range from the coral atolls and volcanic islands of the South Pacific to the entire insular region between Asia and the Americas, including Australasia and the Malay Archipelago... |
Australia |
Prime Minister Prime Minister of Australia The Prime Minister of the Commonwealth of Australia is the highest minister of the Crown, leader of the Cabinet and Head of Her Majesty's Australian Government, holding office on commission from the Governor-General of Australia. The office of Prime Minister is, in practice, the most powerful... |
Julia Gillard Julia Gillard Julia Eileen Gillard is the 27th and current Prime Minister of Australia, in office since June 2010.Gillard was born in Barry, Vale of Glamorgan, Wales and migrated with her family to Adelaide, Australia in 1966, attending Mitcham Demonstration School and Unley High School. In 1982 Gillard moved... |
Treasurer Treasurer of Australia The Treasurer of Australia is the minister in the Government of Australia responsible for government expenditure and revenue raising. He is the head of the Department of the Treasury. The Treasurer plays a key role in the economic policy of the government... |
Wayne Swan Wayne Swan Wayne Maxwell Swan is the Deputy Prime Minister of Australia and an Australian politician. He has been an Australian Labor Party member of the Australian House of Representatives from 1993 to 1996, and then re elected in 1998 till today , representing the Division of Lilley, QLD... |
Glenn Stevens Glenn Stevens Glenn Robert Stevens is an Australian economist and the current Governor of the Reserve Bank of Australia.-Early life and education:... |
1,235,539 | 882,362 | 54,869 | 39,692 | 0.929 | 22,328,632 |
In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:
- the Managing Director of the International Monetary FundInternational Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
- the Chairman of the International Monetary FundInternational Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
- the President of the World BankWorld BankThe World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
- the International Monetary and Financial Committee
- the Chairman of the Development Committee
Membership does not reflect exactly the 19 largest national economies of the world in any given year. The organization states:
All 19 member nations are among the top 28 economies as measured in GDP at nominal prices in a list published by the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
(IMF) for 2010. Not represented by membership in the G-20 are Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
(19), Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
(24), and Norway
Norway
Norway , officially the Kingdom of Norway, is a Nordic unitary constitutional monarchy whose territory comprises the western portion of the Scandinavian Peninsula, Jan Mayen, and the Arctic archipelago of Svalbard and Bouvet Island. Norway has a total area of and a population of about 4.9 million...
(25), even though they rank higher than some members. Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
(12), the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
(16), Belgium
Belgium
Belgium , officially the Kingdom of Belgium, is a federal state in Western Europe. It is a founding member of the European Union and hosts the EU's headquarters, and those of several other major international organisations such as NATO.Belgium is also a member of, or affiliated to, many...
(20), Sweden
Sweden
Sweden , officially the Kingdom of Sweden , is a Nordic country on the Scandinavian Peninsula in Northern Europe. Sweden borders with Norway and Finland and is connected to Denmark by a bridge-tunnel across the Öresund....
(21), Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
(22), and Austria
Austria
Austria , officially the Republic of Austria , is a landlocked country of roughly 8.4 million people in Central Europe. It is bordered by the Czech Republic and Germany to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the...
(26) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 25 in the world in October 2010, according to the IMF. Iran
Iran
Iran , officially the Islamic Republic of Iran , is a country in Southern and Western Asia. The name "Iran" has been in use natively since the Sassanian era and came into use internationally in 1935, before which the country was known to the Western world as Persia...
(18), Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
(19) and Thailand
Thailand
Thailand , officially the Kingdom of Thailand , formerly known as Siam , is a country located at the centre of the Indochina peninsula and Southeast Asia. It is bordered to the north by Burma and Laos, to the east by Laos and Cambodia, to the south by the Gulf of Thailand and Malaysia, and to the...
(24) are not G-20 members, while Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
(13), Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
(20) and the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
(21) are only included in the EU slot. However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP
Purchasing power parity
In economics, purchasing power parity is a condition between countries where an amount of money has the same purchasing power in different countries. The prices of the goods between the countries would only reflect the exchange rates...
rates, only Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, the Netherlands
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
, Taiwan
Taiwan
Taiwan , also known, especially in the past, as Formosa , is the largest island of the same-named island group of East Asia in the western Pacific Ocean and located off the southeastern coast of mainland China. The island forms over 99% of the current territory of the Republic of China following...
, and Poland
Poland
Poland , officially the Republic of Poland , is a country in Central Europe bordered by Germany to the west; the Czech Republic and Slovakia to the south; Ukraine, Belarus and Lithuania to the east; and the Baltic Sea and Kaliningrad Oblast, a Russian exclave, to the north...
appear above any G-20 member in both lists simultaneously. Spain
Spain
Spain , officially the Kingdom of Spain languages]] under the European Charter for Regional or Minority Languages. In each of these, Spain's official name is as follows:;;;;;;), is a country and member state of the European Union located in southwestern Europe on the Iberian Peninsula...
, being the 12th largest economy in the world and 5th in the European Union
European Union
The European Union is an economic and political union of 27 independent member states which are located primarily in Europe. The EU traces its origins from the European Coal and Steel Community and the European Economic Community , formed by six countries in 1958...
in terms of nominal GDP, is a 'permanent guest' of the organization, although the Spanish government's policy is to not request official membership. As such, Spain has been invited and attended every G-20 heads of state summits with its own delegation, since its inception.
Invitees
Typically, several countries that are not permanent members of the G-20 are extended invitations to participate in the summits. The invitees are chosen by the host country. For the 2010 summits, for example, both Canada and South Korea invited EthiopiaEthiopia
Ethiopia , officially known as the Federal Democratic Republic of Ethiopia, is a country located in the Horn of Africa. It is the second-most populous nation in Africa, with over 82 million inhabitants, and the tenth-largest by area, occupying 1,100,000 km2...
(chair of NEPAD), Malawi
Malawi
The Republic of Malawi is a landlocked country in southeast Africa that was formerly known as Nyasaland. It is bordered by Zambia to the northwest, Tanzania to the northeast, and Mozambique on the east, south and west. The country is separated from Tanzania and Mozambique by Lake Malawi. Its size...
(chair of the African Union
African Union
The African Union is a union consisting of 54 African states. The only all-African state not in the AU is Morocco. Established on 9 July 2002, the AU was formed as a successor to the Organisation of African Unity...
), Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
(chair of ASEAN), and Spain. As one of the world's 12 largest economies, Spain has been invited to every summit. Canada also invited the Netherlands (the world's 16th-largest economy), while South Korea invited Singapore
Singapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
. Both Canada and South Korea invited seven international organizations: the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
, the International Labour Organization
International Labour Organization
The International Labour Organization is a specialized agency of the United Nations that deals with labour issues pertaining to international labour standards. Its headquarters are in Geneva, Switzerland. Its secretariat — the people who are employed by it throughout the world — is known as the...
, the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
, the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
, the Organisation for Economic Cooperation and Development, the World Trade Organization
World Trade Organization
The World Trade Organization is an organization that intends to supervise and liberalize international trade. The organization officially commenced on January 1, 1995 under the Marrakech Agreement, replacing the General Agreement on Tariffs and Trade , which commenced in 1948...
, and the Financial Stability Board
Financial Stability Board
The Financial Stability Board is an international body that monitors and makes recommendations about the global financial system. It was established after the 2009 G-20 London summit in April 2009 as a successor to the Financial Stability Forum. The Board includes all G-20 major economies, FSF...
.
Exclusivity of membership
Although the G-20 has stated that the group's "economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system," its legitimacy has been challenged. With respect to the membership issue, U.S. President Barack Obama has noted the difficulty of pleasing everyone: "everybody wants the smallest possible group that includes them. So, if they're the 21st largest nation in the world, they want the G-21, and think it's highly unfair if they have been cut out."Norwegian perspective
In an interviewInterview
An interview is a conversation between two people where questions are asked by the interviewer to obtain information from the interviewee.- Interview as a Method for Qualitative Research:"Definition" -...
with Der Spiegel
Der Spiegel
Der Spiegel is a German weekly news magazine published in Hamburg. It is one of Europe's largest publications of its kind, with a weekly circulation of more than one million.-Overview:...
, Norwegian Foreign Minister Jonas Gahr Støre
Jonas Gahr Støre
Jonas Gahr Støre is the Norwegian Minister of Foreign Affairs, having been appointed to Jens Stoltenberg's second cabinet on 17 October 2005. He represents the Norwegian Labour Party.-Personal life:...
called the G-20 "one of the greatest setbacks since World War II." Although Norway is the largest contributor to development programs in the World Bank and United Nations, it is not a member of the E.U. and thus not represented in the G-20 even indirectly. Norway, like the other 170 nations not among the G-20, has little or no voice within the group. Støre characterized the G-20 as a "self-appointment group", arguing that it undermines the legitimacy of organizations set up in the aftermath of World War II, organizations like the IMF, World Bank and United Nations:
Global Governance Group (3G) response
According to SingaporeSingapore
Singapore , officially the Republic of Singapore, is a Southeast Asian city-state off the southern tip of the Malay Peninsula, north of the equator. An island country made up of 63 islands, it is separated from Malaysia by the Straits of Johor to its north and from Indonesia's Riau Islands by the...
's representative to the United Nations, UN members who are not G-20 members have responded to the G-20's exclusivity by either reacting with indifference, refusing to acknowledge the G-20's legitimacy, or accepting the G-20's status while hoping to "engage the G-20 as the latter continues to evolve so that our interests are taken on board." Out of this latter group Singapore has taken a leading role in organizing an informal "Global Governance Group" of 28 non-G-20 countries, with the idea being that by working collectively they might channel their views into the G-20 process more effectively. Singapore's chairing of the Global Governance Group was cited as a rationale for inviting Singapore to the November 2010 G-20 Summit in South Korea.
Wider concerns
The G-20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G-20 meetings are closed-door. Critics propose an alternative such as an Economic Security CouncilEconomic security
Economic security or financial security is the condition of having stable income or other resources to support a standard of living now and in the foreseeable future...
within the United Nations
United Nations
The United Nations is an international organization whose stated aims are facilitating cooperation in international law, international security, economic development, social progress, human rights, and achievement of world peace...
, where members should be elected by the General Assembly
United Nations General Assembly
For two articles dealing with membership in the General Assembly, see:* General Assembly members* General Assembly observersThe United Nations General Assembly is one of the five principal organs of the United Nations and the only one in which all member nations have equal representation...
based on their importance in the world economy and the contribution they are willing to provide to world economic development.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G-20 summits have attracted protesters from a variety of backgrounds, including anarchists, anti-capitalists and nationalists. In 2010, the Toronto G-20 summit sparked mass protests and rioting
2010 G-20 Toronto summit protests
The 2010 G-20 Toronto summit protests began one week ahead of the summit of the leaders of the G-20 on June 26 and 27 in Toronto. Protests included demonstrations, rallies, marches, as well as a destructive riot that broke out on June 26 which caused vandalism to several businesses in Downtown...
, leading to the largest mass arrest in Canadian history.
Further reading
- Haas, P.M. (1992). "Introduction. Epistemic communities and international policy coordination," International Organization 46,1:1-35.
- Hajnal, Peter I. (1999). The G8 system and the G20 : Evolution, Role and Documentation. Aldershot, Hampshire: Ashgate Publishing. 13-ISBN 978-0-7546-4550-4/10-ISBN 0-7546-4550-9; OCLC 277231920
- Reinalda, Bob and Bertjan Verbeek. (1998). Autonomous Policy Making by International Organizations. London: RoutledgeRoutledgeRoutledge is a British publishing house which has operated under a succession of company names and latterly as an academic imprint. Its origins may be traced back to the 19th-century London bookseller George Routledge...
. 10-ISBN 0-415-16486-9/13-ISBN 978-0-415-16486-3; 13-ISBN 978-0-203-45085-7;10-ISBN 0-203-45085-X; OCLC 39013643 - Augusto Lopez-Claros, Augusto, Richard Samans and Marc Uzan. (2007). The international monetary system and the IMF, and the G-20 : a great transformation in the making? Basingstoke: Palgrave Macmillan. 10-ISBN 0-230-52495-8/13-ISBN 978-0-230-52495-8; OCLC 255621756
External links
- Official G-20 website
- 2010 Seoul G20
- G-20 Information Centre from the University of TorontoUniversity of TorontoThe University of Toronto is a public research university in Toronto, Ontario, Canada, situated on the grounds that surround Queen's Park. It was founded by royal charter in 1827 as King's College, the first institution of higher learning in Upper Canada...
- A Guide To Committees, Groups, And Clubs from the International Monetary FundInternational Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
- G20 Special Report guardian.co.ukGuardian.co.ukguardian.co.uk, formerly known as Guardian Unlimited, is a British website owned by the Guardian Media Group. Georgina Henry is the editor...
- IPS News - G20 Special Report
- The G20's role in the post-crisis world by FRIDE
- The Group of Twenty—A History, 2007
- http://www.indiainfoline.com/Markets/News/Archived/Economics-for-Everyone-G20-Gearing-for-Growth/1035896400