G 20 Summit
It has also met twice at heads-of-government level, in November 2008 and again in April 2009. The most recent meeting was the September 24-25, 2009 meeting of heads of state in Pittsburgh, Pennsylvania.
Collectively, the G-20 economies comprise 85% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.
The G-20 is a forum for cooperation and consultation on matters pertaining to the international financial system.
It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.
With the G-20 growing in stature since the 2008 Washington summit, their leaders will annonce on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations.
Organization
The G-20 operates without a permanent secretariat or staff. The chair rotates annually among the members and is selected from a different regional grouping of countries.
Spain (9), Netherlands (16), Poland (18), Belgium (20), Sweden (22), Austria (25), Greece (26) and Denmark (28) are included only as part of the EU, and not independently. When the countries' GDP is measured at purchasing power parity (PPP) rates, all 19 members are among the top 24 in the world in 2008, according to the IMF. Iran (17) and Thailand (23) are not G-20 members, while Spain (12), Netherlands (19) and Poland (20) are only included in the EU slot.
However, in a list of average GDP, calculated for the years since the group's creation (1999–2008) at both nominal and PPP rates, only Spain, Netherlands and Poland appear above any G-20 member in both lists simultaneously.
It is often argued that the G20, although it is more representative than the G8, is not entitled to make decisions that affect the whole world, because its member states are selected arbitrarily. The G20 does not have a charter and its debates are not public, making it an "undemocratic institution." Critics propose an alternative as an Economic Security Council within the United Nations, where members should be elected by the General Assembly based on their importance in the world economy and the contribution they are willing to provide to world economic development.
History
The G-20, which superseded the G33, which had itself superseded the G22, was foreshadowed at the Cologne Summit of the G7 in June 1999, but was formally established at the G7 Finance Ministers' meeting on September 26, 1999.
In 2008 Spain and The Netherlands were included by French invitation for the G-20 Leaders Summit on Financial Markets and the World Economy and then were admitted as members de facto by the UK.
Since 2006
G20 Leaders Summit on Financial Markets and the World Economy in Washington, D.C. Manuel, MP, Minister of Finance, Republic of South Africa, was the chairperson of the G-20 when South Africa hosted the Secretariat in 2007.
Guido Mantega, Minister of Finance, Brazil, was the chairperson of the G-20 in 2008; Brazil proposed dialogue on competition in financial markets, clean energy and economic development and fiscal elements of growth and development. Bush stated that the next meeting of the G-20 would be important in finding solutions to the (then called) economic crisis of 2008.