Created to foster dialogue between the advanced and emerging countries, the G20 does not seek to precisely reflect the global economic hierarchy, but rather to bring together the countries whose contribution to the global economy and financial stability can be described as “systemic”.
The members of the G20 are: South Africa, Germany, Saudi Arabia, Argentina, Australia, Brazil, Canada, China, South Korea, the United States, France, India, Indonesia, Italy, Japan, Mexico, the United Kingdom, Russia, Turkey, the European Union (represented by the country holding the EU presidency and the European Central Bank; the European Commission also takes part in the meetings). Spain has become a permanent guest and the countries presiding the G20 have complete freedom to invite whomever they wish.
Its composition is the result of a balance between economic weight and geographic representation. Thus, certain countries which might have had a claim to membership in the G20 based on their weight in the current global economy were not chosen; however, some geographic regions are relatively less represented due to their weak economic power. This group represents around 90% of global gross domestic product, almost 80% of global trade (including intra-EU trade), and two-thirds of the world's population.
International institutions invited to the meetings include the International Monetary Fund and the World Bank; the Financial Stability Board, the BIS and the OECD also take part.
Updated on: 06/12/2018 10:34