Image by Getty Images via Daylife
What is G-20? G-20 or the Group of Twenty is a forum of finance ministers and central bank governors of the biggest industrialized and developing economies to discuss key issues in the global economy. The G-20 countries account for 90% of global GDP, 80% of world trade and two-thirds of the world’s population.
Why was it formed? The Asian financial crisis of 1997-98 raised fears of a global economic meltdown and world leaders became acutely aware of the lack of a platform where key emerging market countries and the G-7 industrialised nations could discuss the status of the global economy and measures for its improvement. The G-20 was born in 1999 as a result of this recognition.
Who constitutes the G-20?
Although the group has 19 of the world’s largest economies as its members, it has no formal criteria for membership. Apart from the G-7 industrialised nations, it includes emerging economies like India, China, Russia, Brazil, South Africa, Mexico, South Korea, Argentina, Indonesia, Saudi Arabia, Turkey and Australia. The 20th member is the European Union, which is represented by whichever country holds the EU presidency (currently, it’s the Czech Republic). The IMF and the World Bank also attend G20 meetings. The group had its first meeting in 1999 and the chairmanship rotates every year. Britain is in the chair for 2009.
How is it changing over the years?
Formed in the crisis situation to discuss measures to avert global meltdown, the meetings gradually started including issues of domestic reforms, global energy resources, commodity markets, clean energy and so on. The 2008 Washington summit witnessed another change when along with the finance ministers and central bank governors, a leader level meeting was also organised to discuss the solutions of the 2008 financial crisis. The London meeting is a follow-up of the Washington summit.
Why is the London summit important?
Considering the current situation of the global economy, British prime minister Gordon Brown and French president Nicolas Sarkozy had been lobbying for the meeting as a response to the global financial meltdown. As a result, the guest list has been extended and Thailand, as chairman of Asean (the Association of South East Asian Nations), and Ethiopia, as chairman of Nepad (the New Partnership for Africa’s Development) are also invited to participate in the summit. Ban Ki-moon, the UN secretary general, and Jose Manuel Barroso, the president of the European commisison, are also attending.
What are the expectations from the summit?
In the British media, the meeting is seen by many as Gordon Brown’s attempt to boost his prestige domestically. It is being said that Brown is seeing the London summit as the modern Bretton Woods. Noticeably, the United Nations Monetary and Financial Conference held at Mount Washington Hotel in Bretton Woods was aimed at rebuilding the international economic system as World War II and resulted in the creation of IMF. Critiques are however unconvinced by Brown’s claims on the summits official website.
Source: Times Of India, Delhi
.::. All my articles can be view here: MELTED HEARTS .::.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_c.png?x-id=f7ae3123-b4a3-4ccf-b94c-cc7ac9ce37a4)
Why was it formed? The Asian financial crisis of 1997-98 raised fears of a global economic meltdown and world leaders became acutely aware of the lack of a platform where key emerging market countries and the G-7 industrialised nations could discuss the status of the global economy and measures for its improvement. The G-20 was born in 1999 as a result of this recognition.
Who constitutes the G-20?
Although the group has 19 of the world’s largest economies as its members, it has no formal criteria for membership. Apart from the G-7 industrialised nations, it includes emerging economies like India, China, Russia, Brazil, South Africa, Mexico, South Korea, Argentina, Indonesia, Saudi Arabia, Turkey and Australia. The 20th member is the European Union, which is represented by whichever country holds the EU presidency (currently, it’s the Czech Republic). The IMF and the World Bank also attend G20 meetings. The group had its first meeting in 1999 and the chairmanship rotates every year. Britain is in the chair for 2009.
How is it changing over the years?
Formed in the crisis situation to discuss measures to avert global meltdown, the meetings gradually started including issues of domestic reforms, global energy resources, commodity markets, clean energy and so on. The 2008 Washington summit witnessed another change when along with the finance ministers and central bank governors, a leader level meeting was also organised to discuss the solutions of the 2008 financial crisis. The London meeting is a follow-up of the Washington summit.
Why is the London summit important?
Considering the current situation of the global economy, British prime minister Gordon Brown and French president Nicolas Sarkozy had been lobbying for the meeting as a response to the global financial meltdown. As a result, the guest list has been extended and Thailand, as chairman of Asean (the Association of South East Asian Nations), and Ethiopia, as chairman of Nepad (the New Partnership for Africa’s Development) are also invited to participate in the summit. Ban Ki-moon, the UN secretary general, and Jose Manuel Barroso, the president of the European commisison, are also attending.
What are the expectations from the summit?
In the British media, the meeting is seen by many as Gordon Brown’s attempt to boost his prestige domestically. It is being said that Brown is seeing the London summit as the modern Bretton Woods. Noticeably, the United Nations Monetary and Financial Conference held at Mount Washington Hotel in Bretton Woods was aimed at rebuilding the international economic system as World War II and resulted in the creation of IMF. Critiques are however unconvinced by Brown’s claims on the summits official website.
Source: Times Of India, Delhi
.::. All my articles can be view here: MELTED HEARTS .::.
No comments:
Post a Comment