The Group of G20
South Africa chairs the Group of 20 (G-20) in 2007. This forum, established in 1999, brings together finance ministers and central bank governors from industrialised and developing economies that represent about two-thirds of the world’s population – and 85 percent of global gross domestic product – to discuss key issues in the international economy.
The G-20 promotes open and constructive discussion on issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international cooperation, and international economic and financial institutions, the G-20 helps to support growth and development worldwide.
The past, present and future chairs of the G-20 form its rotating management troika. South Africa takes over the chair from Australia, and will pass the baton to Brazil in 2008.
The members of the G-20 are the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States of America. The European Union is also a member, represented by the rotating Council presidency and the European Central Bank. The managing director of the International Monetary Fund and the president of the World Bank also participate in G-20 meetings on an ex-officio basis. (more…)
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