G20 Summit and its Contemporary Relevance

Structure functions

  • The G20 (Group of 20) is an international forum which includes 19 of the world’s largest economies and the European Union.
  • It came in the aftermath of Asian financial crisis of 1999 and is a forum of governments and central bank governors from 20 major economies.
  • Its purpose is to study, review, and promote high-level discussion of policy issues pertaining to the promotion of international financial stability
  • Aim is to discuss policy pertaining to the promotion of international financial stability
  • The G20 operates without a permanent secretariat or staff.
  • The group’s chair rotates annually among the members and is selected from a different regional grouping of countries.

Objectives of G20

  • Policy coordination among its members in order to achieve global economic stability and sustainable growth;
  • To promote financial regulations that reduce risks and prevent future financial crises;
  • To create a new international financial architecture.
  • Inclusive decision making format that would bring in the largest developing economies as equal partners

Location: Thiruvananthapuram, Kerala, India

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