G20 & G7 LIBRARY
ABOUT GROUP OF 20 (G20)
The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. It comprises 19 countries plus the European Union. G20 leaders meet annually; additionally, during the year, Finance Ministers and Central Bank Governors meet regularly to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation, and discuss the key economic reforms that are needed in each of the member countries. Underpinning these meetings is a year-long program of meetings between senior officials and of working groups coordinating policy on specific issues.
The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders’ Summit was held, and the group played a key role in responding to the global financial crisis. Its decisive and coordinated actions boosted consumer and business confidence and supported the first stages of economic recovery. G20 leaders have met eight times since 2008
The G20 Summit continues to focus on measures to support global economic growth, with a strong emphasis on promoting job creation and open trade. Each G20 President invites a number of guest countries each year.
The G20 works closely with international organizations including the Financial Stability Board, the International Labour Organization, the International Monetary Fund, the Organization for Economic Co- operation and Development, the United Nations, the World Bank and the World Trade Organization. These and a number of other organizations are invited to attend key G20 meetings.
Engagement groups such as B20, L20, T20 and W20 also convene to prepare policy recommendations for the G20 Summit during the year.
The members of the G20 are: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States, and European Union.
The G20 Presidency rotates annually according to a system that ensures a regional balance over time. Reflecting its nature as an informal political forum, the G20 does not have a permanent secretariat. Instead, the G20 President is responsible for bringing together the G20 agenda in consultation with other members and in response to developments in the global economy.
To ensure continuity, the Presidency is supported by a “troika” made up of the current, immediate past and future host countries. The current G20 Presidency is held by Germany and during its host year, the members of the G20 troika are Germany, China and Argentina.
G20 GERMANY 2017
The G20 Presidency 2017 at a glance
Germany assumed the G20 Presidency on 1 December 2016. The 20 leading industrialised countries and emerging economies account for almost two thirds of the world population, more than four fifths of gross world product and three quarters of world trade.
The Summit of the Heads of State and Government will be held in Hamburg on 7 and 8 July 2017. Advisers to the heads of state and government, known as sherpas, are preparing for this meeting. In Germany all those involved – including various government ministries report to the G7/G20 Sherpa Staff in the Federal Chancellery. G20 deliberations take place in a confidential setting. The results of the discussions are recorded in a Leaders’ Communiqué, which has considerable political force.
The German G20 Presidency will build in part on the outcomes and resolutions of the successful G7 Summit in Schloss Elmau. The G7 countries (Germany, Canada, France, Italy, Japan, the UK and the USA, as well as the EU) all belong to the G20. Wherever possible and meaningful, the German Government intends to address the themes it prioritised during its G7 Presidency in the larger G20 format, picking up for example on the G7 initiatives on sustainable global supply chains, access to renewable energy sources in Africa, improved international preparedness for public health emergencies and the global fight against antimicrobial resistance. International organisations such as the IMF, the World Bank, the OECD and the WTO regularly support the G20 presidencies in reviewing and analysing specific problems.
Germany also wants to use its G20 Presidency to discuss other global problems above and beyond the main issues of economic, financial, climate, trade, employment and development policy. Migration and refugee flows and counter-terrorism are, for example, issues of global significance.
In the run up to the G20 Summit, numerous meetings of relevant ministers will take place, in which the individual G20 topics will be treated in more depth. To this end, the ministers responsible for finance, foreign policy, labour policy, health, agriculture and information technology will each convene.
Chancellor Merkel will also meet with civil society representatives, as she did during Germany’s G7 Presidency. These talks will take various formats and will include the areas of business (Business20), non governmental organisations (Civil20), trade unions (Labour20), science (Science20), think tanks (Think20), women (Women20) and youth (Youth20). The meetings will be the responsibility of the civil society organisations themselves and will focus on relevant G20 topics, on which the organisations will draft recommendations for the Presidency in cooperation with international partners. The civil society dialogue with the Federal Government is intended to provide an opportunity to discuss ideas and recommendations from the stakeholders involved and follow them up where appropriate.
Source: G20 Germany
G20 PAST SUMMITS
2008 Washington D.C., United States
The first G20 Leaders’ Summit was held from 14-15 November 2008 in Washington D.C., United States of America.
The summit focused primarily on strengthening financial regulation, with agreement on a 47-point action plan to improve financial regulation over the medium term.
A Declaration was released at the conclusion of the summit.
2009 London, United Kingdom
G20 leaders met on 2 April 2009 in London, United Kingdom.
The summit focused on coordinated fiscal and monetary stimulus measures with the amount of 1.1 trillion US dollars to avert the threat of global depression, agreed on additional resources for the IMF and multilateral development banks to assist countries to weather the financial crisis and to establish the Financial Stability Board.
A Leaders’ Statement was released at the conclusion of the summit.
2009 Pittsburgh, United States
The G20 Leaders’ Summit was held from 24-25 September 2009 in Pittsburgh, United States of America.
Leaders designated the G20 to be the premier forum for international economic cooperation, agreed to act together to support the global recovery through a Framework for Strong, Sustainable and Balanced Growth with a Mutual Assessment Process, and to reform global financial institutions, such as the International Monetary Fund and the World Bank.
A Leaders’ Statement was released at the conclusion of the summit.
2010 Toronto, Canada
The G20 Leaders’ Summit was held from 26-27th June 2010 in Toronto, Canada.
The summit focused on the need for fiscal consolidation, with agreement that advanced G20 deficit economies would at least halve fiscal deficits by 2013 and stabilize or reduce sovereign debt ratios by 2016, complemented by ongoing structural reform across all G20 members to rebalance and strengthen global growth.
Leaders also agreed to conclude work in the Basel Committee on Banking Supervision on a new global regime for bank capital and liquidity by the Seoul G20 Summit and reiterated support for a successful conclusion to the Doha Round welcomed the fulfillment of their commitment to provide a US$350 billion increase in capital to multilateral development banks and associated institutional reforms. A Summit Declaration was released at the conclusion of the summit.
2010 Seoul, Korea
The G20 Leaders’ Summit was held from 10-11 November 2010 in Seoul Republic of Korea.
G20 leaders agreed to develop guidelines for addressing large current account imbalances under the Framework for Strong, Sustainable and Balanced Growth, delivered on International Monetary Fund (IMF) quota and governance reform and initiated the G20 development agenda and launched the Seoul Development Consensus for Shared Growth.
A Leaders’ Declaration and a Seoul Summit Document were released at the conclusion of the summit.
2011 Cannes, France
The G20 Leaders’ Summit was held from 3-4 November 2011 in Cannes, France.
Key outcomes of the summit are including the development of a country-specific Cannes Action Plan for Growth and Jobs, agreement to strengthen the World Trade Organization by considering additional and parallel international trade negotiations beyond the Doha Round mandate and the adoption of an action plan to support the development and deepening of local bond markets.
A Final Declaration was released at the conclusion of the summit.
2012 Los Cabos, Mexico
The G20 Leaders’ Summit was held from 18-19 June 2012 in Los Cabos, Mexico.
Key outcomes of the summit are including the establishment of country-specific measures each G20 member would take to strengthen demand, growth, confidence and financial stability under the Los Cabos Growth and Jobs Action Plan, reaffirmation of G20 member pledges to increase International Monetary Fund (IMF) resources by US$456 billion and to implement the 2010 IMF quota and governance reforms and progress on the G20 development agenda, particularly on food security, financial inclusion, sustainable development and inclusive green growth A G20 Leaders’ Declaration was released at the conclusion of the summit.
2013 St Petersburg, Russia
The G20 Leaders’ Summit was held from 5-6 September 2013 in St Petersburg, Russia.
Key outcomes of the summit are including the St Petersburg Action Plan, which sets out reforms for achieving strong, sustainable and balanced growth, coupled with an Accountability Assessment describing progress made on past commitments, extending the G20’s and a reaffirmed commitment to implementation of agreed financial regulatory reforms and International Monetary Fund reform.
A G20 Leaders’ Declaration was released at the conclusion of the summit.
G20 leaders also marked the 5th Anniversary of the G20, reaffirming their conviction that the foundation for sustainable growth and rising prosperity for all is an open world economy based on market principles, effective regulation, inclusiveness and strong global institutions, underpinned by the closer partnership and collective action and shared responsibility of the G20, based on effective policy coordination.
2014 Brisbane, Australia
The G20 Leaders’ Summit was held on 15-16 November 2014 in Brisbane, Australia.
The centerpiece was the delivery of country-specific growth strategies and a Brisbane Action Plan for growth. G20 leaders set a goal to lift the G20’s GDP by at least additional two percent by 2018. Other outcomes from the Brisbane Leaders’ Summit include:
Endorsement of landmark G20 Principles on Energy Collaboration. Leaders also agreed a G20 Energy Efficiency Action Plan to deepen their collaboration on energy efficiency.
A commitment to finalize and fully implement the agreed financial regulatory reforms, while remaining alert to new risks.
Leaders noted their deep concern about the humanitarian and economic impacts of Ebola and issued a standalone statement of the G20’s commitment to fight the current outbreak and support the international response.
A G20 Leaders’ Communique was released at the conclusion of the Brisbane Summit and China was announced as the host of 2016 Summit.
2015 Istanbul, Turkey
2016 Hangzhou, China
Source: G20 Turkey and G20 China