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The 'G-20' ('Group of 20') is a group consisting of 19 of the world's largest economies, together with the European Union. The G-20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries 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.

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Contents

History

Goals of the G20

Criticism

Cities that have hosted the G20 Summits

Future host Cities of G20 Summits

References

See also

External links

History

The G-20, which superseded the Group of 33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G-7 in June 1999, but was formally established at the G-7 Finance Ministers' meeting on September 26, 1999. The inaugural meeting took place on December 15-16, 1999 in Berlin.
The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and the European Union Presidency (if not a G-7 member); the European Central Bank; the Managing Director of the International Monetary Fund; the Chairman of the IMFC; the President of the World Bank; and the Chairman of the Development Committee. The Honourable Trevor A. Manuel, MP, Minister of Finance, Republic of South Africa, is the current chairperson of the G-20.

Goals of the G20

The primary goal of the G20 is to discuss and develop policies that promote the "high and sustainable growth" of the global economy. It does this in part through promoting policies consistent with the G20 Accord for Sustained Growth agreed to in 2004. This Accord stresses a range of neoliberal policies, including:

★ The elimination of restrictions on the international movement of capital

★ Deregulation

★ Flexible labour market conditions

★ Privatisation

★ Enforcement of intellectual and other private property rights

★ Creating a business climate conducive to foreign direct investment

★ Global trade liberalisation (through the WTO and bilateral free trade agreements)
In 2006 the theme of the G20 meeting will be “Building and Sustaining Prosperity”. The issues to be discussed will include domestic reforms to achieve “sustained growth”, global energy and resource commodity markets, ‘reform’ of the World Bank and IMF, and the impact of demographic changes due to an aging population.

Criticism

The G-20 has been target of some criticisms in recent past:

★ The G20 is primarily criticized for its influence, and power of its members, pushing its economic societial philosophy on the rest of the world. It has been accused of being a primary neo-liberal group.

★ The G20 has been criticized for enriching its member nations at the expense of the rest of the world, and being a vehicle for corporations to effect global policies for their benefit.

★ In the past, the G-20 was criticized for being a primarily U.S./E.U. institution, without significant influence wielded by Asia. However, with the rise of the economic and political power of China and India, developing nations are beginning to exert their influence on G-20.

★ There have been numerous anti-globalization protests at G20 Summits.

Cities that have hosted the G20 Summits

★ 1999: Berlin, Germany

★ 2000: Montreal, Canada

★ 2001: Ottawa, Canada

★ 2002: Delhi, India

★ 2003: Morelia, Mexico

★ 2004: Berlin, Germany

★ 2005: Beijing, China

★ 2006: Melbourne, Australia ''see: 2006 G20 Summit''

Future host Cities of G20 Summits

★ 2007: Cape Town, South Africa

★ 2008: Mumbai, India

★ 2009: Shanghai, China

★ 2010: Auckland, New Zealand

References

See also

2006 G20 Summit

External links

★ G20 homepage

★ G20 Riots News Report (Melbourne, Australia)