The group of the 20 most advanced economies and emerging market economies (G20)
The group of the 20 most advanced economies and emerging market economies (G20) should currently be regarded as the premier forum for international economic cooperation and is therefore at the heart of multilateral financial diplomacy. Since its inception in 1999, the G20 has occupied itself mainly with the resolution of financial crises, but also with promoting robust and sustainable global economic growth and with improving the Bretton Woods institutions (the World Bank and the IMF). The G20 has been regularly meeting at the level of Heads of State or of Government since 2008 as well. In response to the global financial crisis, the group commissioned an extensive reform of financial market regulation in its member countries. The individual measures are performed one at a time by the national and international institutions and committees. The Financial Stability Board (FSB) oversees progress in implementation, identifies further risks to financial systems and the actions that need to be taken, and reports its findings to the G20. Moreover, the G20 has prepared a framework for strong, sustainable and balanced growth which will, it is hoped, address global economic imbalances, amongst other things.
A total of 19 countries are members - the G7 countries and 12 other large systemically important countries - and the EU. The chair rotates annually. The German government and the Bundesbank are independent members of the G20 and cooperate closely. The Bundesbank is also involved in the relevant coordination processes within the EU and the Eurosystem. The countries that have chaired the G20 since 2009 are listed below:
|List of chair countries since 2009|