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Monday, October 27, 2014

The G20

"The Group of Twenty (also known as the G-20 or G20) is a forum for
the governments and central bank governors from 20 major economies.
The members, shown highlighted on the map at right, include 19
individual countries--Argentina, Australia, Brazil, Canada, China,
France, Germany, India, Indonesia, Italy, Japan, Republic of Korea,
Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, United
Kingdom, United States--and the European Union (EU). The EU is
represented by the European Commission and by the ECB.

Collectively, the G-20 economies account for around 85% of the gross
world product (GWP), 80% of world trade (or if excluding EU
intra-trade: 75%), and two-thirds of the world population.[2] The G-20
heads of government or heads of state have periodically conferred at
summits since their initial meeting in 2008.

The G-20 was proposed by former Canadian Prime Minister Paul Martin[3]
as a forum for cooperation and consultation on matters pertaining to
the international financial system. The group was formally inaugurated
in September 1999, and held its first meeting of finance ministers in
December 1999.[citation needed] It studies, reviews, and promotes
high-level discussion 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 after the 2008 Washington summit, its leaders
announced on 25 September 2009, that the group would replace the G8 as
the main economic council of wealthy nations.[4] Since its inception,
the G-20's membership policies have been criticized by numerous
intellectuals,[5][6] and its summits have been a focus for major
protests by anti-globalists, nationalists and others.[7]

The heads of the G-20 nations met semi-annually at G-20 summits
between 2008 and 2011. Since the November 2011 Cannes summit, all G-20
summits have been held annually.[2] Australia currently holds the
chair of the G-20, and the next summit will be held in Brisbane during
November 2014."

Source: http://en.wikipedia.org/wiki/G-20_major_economies

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