G20 Quiz

The G20: An Overview of the International Forum

The G20 is an intergovernmental forum consisting of 19 countries and the European Union, representing around 80% of gross world product, 75% of international trade, two-thirds of the global population, and 60% of the world's land area.
It was founded in 1999 in response to several world economic crises and aims to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
The G20 is composed of most of the world's largest economies' finance ministries, including both industrialized and developing nations, and has convened at least once a year since 2008, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials.
The EU is represented by the European Commission and the European Central Bank, and other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
The G20 declared itself the primary venue for international economic and financial cooperation during its 2009 summit, and its stature has risen during the subsequent decade, exercising considerable global influence.
The G20 is criticized for its limited membership, lack of enforcement powers, and the alleged undermining of existing international institutions.
Summits are often met with protests, particularly by anti-globalization groups.
The G20 is the latest in a series of post-World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins," the International Monetary Fund and the World Bank, and what is now the World Trade Organization.
The G20 membership was decided by the finance ministers of Germany and the United States, who conceived a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing financial stability.
The G20 operates without a permanent secretariat or staff, and the group's chair rotates annually among the members and is selected from a different regional grouping of countries.
The G20's chief executive officers of several other international forums and institutions participate in meetings, including the managing director and Chairman of the International Monetary Fund, the President of the World Bank, the International Monetary and Financial Committee, and the Chairman of the Development Assistance Committee.
The G20 agenda initially focused on the sustainability of sovereign debt and global financial stability, and since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth.Key Facts About the G20: Membership, Issues, Engagement Groups, and Criticisms
The G20 countries are responsible for almost 75% of global carbon emissions and have added more "issues of global significance" to their agenda, such as migration, digitisation, employment, healthcare, the economic empowerment of women, and development aid.
Despite promises to phase out 'inefficient subsidies,' G20 nations have subsidized fossil fuel companies over $3.3 trillion between 2015 and 2021, with several nations increasing subsidies.
Wolfgang Schäuble, German Federal Minister of Finance, has emphasized the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures.
The G20 Engagement Groups and Pre-Conferences are independent collectives that are led by organizations of the host country, and there are ten Engagement Groups formed to facilitate independent stakeholders in developing proposals and policy recommendations for G20 leaders.
The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door.
Norway's prime minister has called the G20 "one of the greatest setbacks since World War II," while Spain, a de facto member, does not plan to request official membership, and Poland has repeatedly asked to join.
Singapore took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries with the aim of collectively channelling their views into the G20 process more effectively.
The American magazine Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8, and branding its efforts to implement reforms of the world's financial institutions as failures.
In March 2022, following Russia's invasion of Ukraine, U.S. President Joe Biden called for the removal of Russia from the group, and Canadian Prime Minister Justin Trudeau also said the group should "re-evaluate" Russia's participation.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds.
There are disputes over the legitimacy of the G20, and criticisms of its organization and the efficacy of its declarations.
In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20, and in such a council, members would be elected by the General Assembly based on their importance to the world economy and the contribution they are willing to provide to world economic development.

The G20: An Overview of the International Forum

The G20 is an intergovernmental forum consisting of 19 countries and the European Union, representing around 80% of gross world product, 75% of international trade, two-thirds of the global population, and 60% of the world's land area.
It was founded in 1999 in response to several world economic crises and aims to address major issues related to the global economy, such as international financial stability, climate change mitigation, and sustainable development.
The G20 is composed of most of the world's largest economies' finance ministries, including both industrialized and developing nations, and has convened at least once a year since 2008, with summits involving each member's head of government or state, finance minister, or foreign minister, and other high-ranking officials.
The EU is represented by the European Commission and the European Central Bank, and other countries, international organizations, and nongovernmental organizations are invited to attend the summits, some on a permanent basis.
The G20 declared itself the primary venue for international economic and financial cooperation during its 2009 summit, and its stature has risen during the subsequent decade, exercising considerable global influence.
The G20 is criticized for its limited membership, lack of enforcement powers, and the alleged undermining of existing international institutions.
Summits are often met with protests, particularly by anti-globalization groups.
The G20 is the latest in a series of post-World War II initiatives aimed at international coordination of economic policy, which include institutions such as the "Bretton Woods twins," the International Monetary Fund and the World Bank, and what is now the World Trade Organization.
The G20 membership was decided by the finance ministers of Germany and the United States, who conceived a new, broader permanent group of major world economies that would give a voice and new responsibilities in providing financial stability.
The G20 operates without a permanent secretariat or staff, and the group's chair rotates annually among the members and is selected from a different regional grouping of countries.
The G20's chief executive officers of several other international forums and institutions participate in meetings, including the managing director and Chairman of the International Monetary Fund, the President of the World Bank, the International Monetary and Financial Committee, and the Chairman of the Development Assistance Committee.
The G20 agenda initially focused on the sustainability of sovereign debt and global financial stability, and since inception, the recurring themes covered by G20 summit participants have related in priority to global economic growth.Key Facts About the G20: Membership, Issues, Engagement Groups, and Criticisms
The G20 countries are responsible for almost 75% of global carbon emissions and have added more "issues of global significance" to their agenda, such as migration, digitisation, employment, healthcare, the economic empowerment of women, and development aid.
Despite promises to phase out 'inefficient subsidies,' G20 nations have subsidized fossil fuel companies over $3.3 trillion between 2015 and 2021, with several nations increasing subsidies.
Wolfgang Schäuble, German Federal Minister of Finance, has emphasized the interconnected nature of the issues facing G20 nations, be they purely financial or developmental, and the need to reach effective, cross-cutting policy measures.
The G20 Engagement Groups and Pre-Conferences are independent collectives that are led by organizations of the host country, and there are ten Engagement Groups formed to facilitate independent stakeholders in developing proposals and policy recommendations for G20 leaders.
The G20's transparency and accountability have been questioned by critics, who call attention to the absence of a formal charter and the fact that the most important G20 meetings are closed-door.
Norway's prime minister has called the G20 "one of the greatest setbacks since World War II," while Spain, a de facto member, does not plan to request official membership, and Poland has repeatedly asked to join.
Singapore took a leading role in organizing the Global Governance Group (3G), an informal grouping of 30 non-G20 countries with the aim of collectively channelling their views into the G20 process more effectively.
The American magazine Foreign Policy has published articles condemning the G20, in terms of its principal function as an alternative to the supposedly exclusive G8, and branding its efforts to implement reforms of the world's financial institutions as failures.
In March 2022, following Russia's invasion of Ukraine, U.S. President Joe Biden called for the removal of Russia from the group, and Canadian Prime Minister Justin Trudeau also said the group should "re-evaluate" Russia's participation.
The cost and extent of summit-related security is often a contentious issue in the hosting country, and G20 summits have attracted protesters from a variety of backgrounds.
There are disputes over the legitimacy of the G20, and criticisms of its organization and the efficacy of its declarations.
In 2001, the economist Frances Stewart proposed an Economic Security Council within the United Nations as an alternative to the G20, and in such a council, members would be elected by the General Assembly based on their importance to the world economy and the contribution they are willing to provide to world economic development.