Curious to learn more about the G20? This article discusses the G-20 and what this summit is all about. Also known as The Group of 20. It’s a group of the world’s largest economies, including many developing nations, alongside the European Union. Formed in 1999, the G-20 has a mandate to focus on global economic growth and trade, while regulating financial markets. In reality, the G-20 is a forum, not a legislative body, and its agreements and decisions have no true legal impact.
Having said that, they do influence the policies of the countries who participate in the G20, and have a global impact and trendsetting tone. The economies of the G-20 represent 90% of the gross world product. After 2008, the G-20 announce that it would replace the formerly G-8 as the economic council of nations.
Even though the G-20 is not a leading forum for issues, its members are some of the biggest economies in the world. In addition, it’s decisions and discussions help shape global financial policy.