The G20 is currently considered the main forum for international economic cooperation and is therefore at the heart of multilateral financial diplomacy. Since its inception in 1999, the G20 has primarily focused on managing financial crises, strengthening the financial sectors of emerging market countries, enhancing the Bretton Woods institutions and developing growth strategies. The G20 Group has also provided important impetus for the reform of financial market regulation. National and international institutions and committees are gradually implementing the reform measures recommended at the G20 summits. The Financial Stability Board (FSB) monitors the progress made implementing the G20's recommendations and reports back to the G20. Moreover, the G20 has prepared a framework for robust, sustainable and balanced growth, which will, it is hoped, combat global economic imbalances, in particular.
A total of 19 countries are members – the G7 countries and 12 large systemically important emerging market economies – and the European Union. The German government and the Bundesbank share membership of the G20, and cooperate closely. The Bundesbank is also involved in the relevant coordination processes within the EU and the Eurosystem.