The Group of Twenty Finance Ministers and Central Bank Governors

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The Group of Twenty Finance Ministers and Central Bank Governors (G-20, G20, Group of Twenty) is a group of finance ministers and central bank governors from 20 economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank.[3] Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies comprise 85%[4] of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.[3] The G-20 was proposed by former Canadian Finance Minister Paul Martin[5] (later, Prime Minister) 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. With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations.[6] The heads of the G-20 nations have met semi-annually at G-20 summits since 2008. The most recent was held in Seoul on November 11–12, 2010. Starting in 2011, G-20 summits will be held annually.[3]

Contents[hide] * 1 Organization * 1.1 Proposed permanent secretariat * 2 Member countries and organizations * 3 Invitees * 4 History * 4.1 Summits * 5 Critiques * 5.1 Exclusivity of membership * 5.1.1 Norwegian perspective * 5.1.2 Global Governance Group (3G) response * 5.2 Concerns about transparency and advancement of neoliberalism and corporate globalization * 6 See also * 7 References * 8 Further reading * 9 External links| [edit] Organization

The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries. The chair is part of a revolving three-member management group of past, present and future chairs referred to as the Troika. The incumbent chair establishes a temporary secretariat for the duration of its term, which coordinates the group's work and organizes its meetings. The role of the Troika is to ensure continuity in the G-20's work and management across host years. The current chair of G20 is South Korea; after the G20 Summit during November 11-12, it will be handed over to France. [edit] Proposed permanent secretariat

In 2010, French President Nicolas Sarkozy proposed that a permanent secretariat of the G-20 should be established. Seoul and Paris were suggested as possible locations for its headquarters.[7] China and Brazil supported the establishment of a secretariat, while Japan and Italy opposed such an innovation.[7] South Korea proposed a "cyber secretariat" as an alternative.[7] [edit] Member countries and organizations

In 2011, there are 20 members of the G-20. These include, at the leaders summits, the leaders of 19 countries and of the European Union, and, at the ministerial-level meetings, the finance ministers and central bank governors of 19 countries and of the European Union. In addition, Spain and the Netherlands took part in the last 4 G-20 heads of state meetings despite not being recognized members. :[3][8]

In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:[3] * the Managing Director of the International Monetary Fund * the Chairman of the International Monetary Fund

* the President of the World Bank
* International Monetary and Financial Committee
* the Chairman of the Development Committee
Membership does not reflect exactly the 19 largest national...
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