19 Facts About G20

G20 or Group of Twenty is an intergovernmental forum comprising 19 countries and the European Union.

G20 was founded in 1999 in response to several world economic crises.

At its 2009 summit, the G20 declared itself the primary venue for international economic and financial cooperation.

G20 is the latest in a series of post–World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins", the International Monetary Fund and the World Bank, and what is the World Trade Organization.

G20 membership was decided by Eichel's deputy Caio Koch-Weser and Summers's deputy Timothy Geithner.

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G20's primary focus has been governance of the global economy.

The theme of the 2006 G20 ministerial meeting was "Building and Sustaining Prosperity".

On 11 October 2008 after a meeting of G7 finance ministers, US President George W Bush stated that the next meeting of the G20 would be important in finding solutions to the burgeoning economic crisis of 2008.

The BRICS foreign ministers subsequently reminded Bishop that "the custodianship of the G20 belongs to all Member States equally and no one Member State can unilaterally determine its nature and character.

In 2016, the G20 framed its commitment to the 2030 Agenda in three key themes; the promotion of strong sustainable and balanced growth; protection of the planet from degradation; and furthering co-operation with low-income and developing countries.

In view of the objectives of the G20, it was considered important that countries and regions of systemic significance for the international financial system be included.

The report claimed that the rise of emerging market economies heralded a new world order, in which the G20 would become the global economic steering committee.

Typically, several participants that are not full members of the G20 are extended invitations to participate in the summits.

Wolfgang Schauble, German Federal Minister of Finance, has insisted on the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures: "Globalization has lifted hundreds of millions out of poverty, but there is a growing rise in frustration in some quarters […] development, [national] security and migration are all interlinked".

G20 membership has been part of Poland's Law and Justice party and President Andrzej Duda political program.

Singapore thereafter took a leading role in organizing the Global Governance Group, an informal grouping of 30 non-G20 countries (including several microstates and many Third World countries) with the aim of collectively channelling their views into the G20 process more effectively.

Cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds, including information activists, opponents of fractional-reserve banking and anti-capitalists.

In 2010, the Toronto G20 summit sparked mass protests and rioting, leading to the largest mass arrest in Canada's history.

Russia claims it would not be a significant issue, as most G20 members are already fighting Russia economically due to the war.