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The G20: Group PowerPoint Activity
Transcript of The G20: Group PowerPoint Activity
Recent Activities and Achievements
Objectives and Purpose of the G20
1. Policy coordination between its members in order to achieve global economic stability and sustainable growth.
2. Promoting financial regulations that reduce risks and prevent future financial crises.
3. Modernizing international financial architecture.
Los Cabos Summit (2012)
Strong message about the Group's commitment to promote global economic growth and job creation.
Reaffirmation of G20 member pledges to increase IMF resources by US$456 billion and to implement the 2010 IMF quota and governance reforms.
Progress on the G20 development agenda, particularly on food security, financial inclusion, sustainable development and inclusive green growth.
The Cannes Summit (2011)
Discussion of the global economy, particularly developments in the Eurozone debt crisis.
A commitment to ensure the adequacy of the European Financial Stability Facility (EU Members) and IMF resources (G20 Members).
An endorsement of an Action Plan on Food Price Volatility and Agriculture, aimed at improving agricultural production and productivity, and increasing market information and transparency.
Once it became a venue for the meetings of heads of states and governments, the G20 has been considered a major mechanism for international economic cooperation, regulating financial markets and influencing global economic policy.
G20 is an abbreviated name for The Group of Twenty. This international organisation is an assembled group of finance ministers and central bank governors from 20 major economies which consists of 19 countries and the European Union.
The G20 was created in 1999 in response to:
• The financial crises in the late 1990s
• The growing influence of emerging market economies on the global economy and their disproportionately modest participation in the decision-making process.
What is the G20?
The G20 provides and acts as an international forum allowing international economic cooperation and decision-making between the largest central economies. The G20 has regularly scheduled meetings at specified locations in one of their selected member nations.
G20 members account for 85 percent of the world economy, 80 percent of global trade, and two-thirds of the world's population. The G20 represents all geographic regions of the world, but remains small enough to be an effective decision-making body.
St Petersburg Summit (2013)
Focused on strengthening growth and creating jobs.
Agreement to work more closely together to fix the leaks in the revenue base from tax avoidance and profit shifting, by working together to change tax rules.
Commitments to continue implementation of the G20’s ambitious reforms to financial regulation, including rules to tackle domestic and cross-border problems when big institutions fail.
Criticisms of the G20
Exclusivity of Membership
A report for the Danish Institute for International Studies, criticised the G-20's exclusivity, highlighting in particular its under-representation of the African continent.
However, Global Policy stated in 2011 that the G-20's exclusivity is not an insurmountable problem, and proposed mechanisms by which it could become more inclusive
Norwegian Foreign Minister Jonas Gahr Støre called the G-20 "one of the greatest setbacks since World War II." Although Norway is a major developed economy and the seventh-largest contributor to UN international development programs, it is not a member of the EU, and thus is not represented in the G-20 even indirectly.