The G20 (Group of Twenty) is an intergovernmental forum of nineteen major economies plus the European Union and African Union that coordinates international economic and financial policy. It convenes heads of state, finance ministers and central bank governors to address global financial stability, trade, development and systemic risk. Through its leaders’ summits and working groups, the G20 sets the political agenda that bodies such as the Financial Stability Board, IMF and Basel Committee translate into standards and recommendations.
Overview
- The G20 emerged as the premier forum for international economic cooperation, especially after the 2008 crisis.
- It lacks a permanent secretariat and operates through a rotating presidency and tracks of working groups.
- Its consensus communiqués steer the work of standard-setting and multilateral financial institutions.
Key aspects
- Leaders’ summits and rotating presidency
- Finance and Sherpa tracks of negotiation
- Coordination of macroeconomic policy
- Mandates to the FSB, IMF and Basel Committee
- Engagement groups (Business, Labour, Civil)
Applications
- Global financial stability coordination
- Crisis response and stimulus alignment
- International tax and regulatory reform
- Development, climate finance and debt relief