What is G20
The global economy has expanded over the years, developing countries representing a larger part in it. The G20 was created to include these in discussions on international financial matters. The G20 comprises all G7 members, the EU and 12 additional countries. The G20 is now seen as more impactful than the G7 due to international interconnectedness of economy and trade activities.
The G20 is an international body comprising 19 independent jurisdictions, the European Union (active non-enumerated member) and Spain (as permanent guest). These represent major developed and emerging economies with a say in global economic growth.
Members of the G20: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, the European Union, Spain.
Each year, G20’s Presidency changes and has no permanent secretariat. The country that holds the Presidency works together with its predecessor and successor (known as a Troika).
At G20 Summits key international organisations are invited to ensure that global economic forums and institutions work together and to provide input. To this respect, the Sherpa and Finance Tracks prepare and follow up on the issues and commitments adopted at the Summits.
The Sherpa Track focuses on non-financial issues, such as anti-corruption, development and food security and address procedural rules of the G20 process. The Finance Track focuses on economic and financial issues.
The work of both Tracks relies on the input of a series of expert working groups, such as the OECD, FSB, IMF, World Bank, IMFC.
To establish a coordinated approach to policies among its members with the scope of achieving global economic stability and sustainable growth;
To promote financial regulations that help the private and public sector reduce risks and prevent future financial crises;
To create a new international financial architecture.
For the most part, the G20 does not issue its own reports. Primarily it relies on findings from expert working groups, such as the FSB, IMF, OECD and others. Reports from these enitites are published on G20’s website.
Publications issued by the G20 come in the form of communiqués post meetings.
The latest communiqué was released in October 2022 following Finance Ministers and Central Bank Governors Meeting and covers among other topics, crypto related issues:
G20 member countries’ leaders commit to implementing in their jurisdictions the resulting conclusions of discussions had during the Summit.
Interested parties in issued documentation of the G20 can track their release on G20’s website.
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