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 ministers 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. The G-20
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
gross world product (GWP), 80 percent of
world trade (including EU intra-trade), and two-thirds of the
world population. They furthermore account for 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 Prime Minister Paul Martin 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 in December 1999. 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. Since its inception, the G-20's membership policies have been criticized by numerous intellectuals, and its summits have been a focus for major protests.
The heads of the G-20 nations met biannually at
G-20 summits between 2008 and 2011. Since the
November 2011 Cannes summit, all G-20 summits have been held annually. Russia currently holds the chair of the G-20, and will host the eighth G-20 summit in September 2013.