The G20 is an international organization that brings together leaders and finance managers from 19 countries, the EU, and international financial groups. Its goal is to create an open and cooperative forum for discussion on the global economy, and to develop a stable and efficient global economy. However, it has faced criticism for its exclusivity and lack of transparency.
The G20, or “Group of 20”, is an international organization that brings together the leaders and finance managers of 19 individual countries, the European Union and international financial groups such as the World Bank and the International Money Fund (IMF). . Each year, the G20 holds summit meetings during which global economic concerns are reviewed and discussed by members and invited host nations are selected. Consistently controversial, G20 meetings are often rallying points for protesters, many of whom object to a lack of political transparency and exclusivity of membership.
Conceived in the 1990s by a collective of leaders known as the G8, the organization was preceded by several previous economic forums between international leaders, including the G33 and the G22. As G8 members, which include the heads of Germany, France, Japan, Italy, the UK, the US, Canada and Russia, continue to meet on a variety of topics, the G20 has become the premier international forum for pure economic discussion . G20 members include the G8 countries and other nations such as Australia, Mexico, China, South Africa and Saudi Arabia. Countries are represented by their finance ministers and central bank heads, but political leaders can also participate.
The G20’s goal is to create an open and cooperative forum for discussion on the global economy. Member nations include both heavily industrialized nations, such as the United States, and developing nations, such as Argentina. The inclusion of wealthy and developing nations is intentional so that more developed nations can act as advisors to less economically stable regions. By doing so, the G20 aims to reduce the chances of a global financial crisis caused by the economic collapse of a vulnerable country.
The development of a stable and efficient global economy is another goal of the G20. During the summit meetings, much work goes into creating economic standards and policies that can be applied in all countries. Through these efforts, the organization attempts to combat certain sources of financial instability and risk, such as terrorist financing, counterfeiting, and the growth of black markets.
Since its inception, the organization has been met with considerable criticism. Many nations not included in the organization say its exclusivity is both detrimental to the growth of a truly global economy and runs the risk of creating an economic superpower that could be used against non-members. Citizens of member countries often object to the secrecy surrounding G20 summits, suggesting that it is unethical, if not illegal, to craft policies in secret meetings without input from voters. Summits around the world have been disrupted by tumultuous protests, making the honor of hosting a G20 meeting a dubious honor for many cities.
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