An expanded forum to tackle global economic crises
The G20 was founded in September 1999 by decision of the finance ministers and heads of central banks of the G7 countries. The initiative came in response to the Asian crisis of 1997-98, which highlighted the need to include large emerging countries in multilateral talks on the economy and financial stability.
Up until the 2008 financial crises, G20 meetings were exclusively Finance Track gatherings, bringing together finance ministers and central bank governors, and taking place once a year.
In 2008, however, the G20 was chosen as the appropriate forum for managing the global economic and financial crisis, as the G7 and G8 were seen as lacking legitimacy due to the absence of large emerging countries, while the IMF’s governance structures were deemed unsuitable for managing this type of global emergency. On 15 November 2008, the heads of state and government of the G20 members met for the first time at an exceptional summit in Washington.
The premier forum for international economic cooperation
As of 2008, the G20 was officially upgraded to the level of heads of state and government, and its agenda was expanded to include cross-border economic and financial issues.
It organised the collective response to the last financial crisis, and is now seeking to extend its international cooperation and coordination role to other areas. One notable example is its international tax agenda, which aims to create a global tax system that fosters growth by, inter alia, tackling tax base erosion and profit offshoring, and automating the exchange of information.
The G20 was established to foster dialogue between advanced and emerging economies. Its goal is not to accurately reflect the global economic hierarchy, but rather to bring together countries whose contribution to the global economy and financial stability can be qualified as systemic. Its member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, the Republic of Korea, Russia, Saudi Arabia, South Africa, Türkiye, the United Kingdom, the USA and the European Union.
The Banque de France and the G20
The Governor of the Banque de France and the Minister of Finance represent France at meetings of the Finance Track, which remains one of the primary focuses of the G20 (alongside the Social G20 and the Agriculture G20). These meetings are preceded by a number of technical preparatory meetings.
The Finance Track examines economic issues, with the aim of fostering global financial stability and finding solutions to global challenges.