G20 Mission and Objectives
The Group of Twenty (G20) is the premier forum for global economic and financial cooperation. It brings together the world's major advanced and emerging economies, representing around 85 per cent of global GDP. Mexico hosted the G20 in 2012, Russia is hosting the G20 in 2013, and Australia will host in 2014.
The group was formally inaugurated in September 1999, and held its first meeting in December 1999. It worked as cooperation of finance ministers and central bank governors formed in the aftermath of the financial crisis of 1997-1998, which revealed the vulnerability of the international financial system in context of economic globalization and showed that key developing countries were insufficiently involved in discussions and decisions concerning global economic issues.
Contemporary format of G20 meeting in the form of summit attended by heads of state or government was established in 2008 with Washington D.C. meeting.
Nowadays the G20 brings together heads of state or government from 19 countries plus the European Union, which is represented by the President of the European Council and by Head of the European Central Bank. 19 countries include: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States of America.
Until now seven G20 Leaders' Summits took place:
The presidency of the G20 rotates annually among its members. The presidency leads a three-member management group of previous, current and future chairs, referred to as the Troika, the purpose of which is to ensure transparency, fairness, and continuity from one presidency to another. The G20 does not have a secretariat of its own. A temporary secretariat is set up by the country that holds the presidency for the term of chairmanship.
The objectives of the G20 refer to:
1. Policy coordination between its members in order to achieve global economic stability, sustainable growth;
2. Promoting financial regulations that reduce risks and prevent future financial crises;
3. Modernizing international financial architecture.
The Russian Federation has taken part in every G20 summit since the G20 creation.
Find more details on G20 at http://www.g20.org/docs/about/about_G20.html