Saturday, January 9, 2010

The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, in December 1999, hosted by German and Canadian finance ministers.

The members of the G-20 are the finance ministers and central bank governors of 19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the U.K. and the U.S., as well as the European Union, represented by the rotating council presidency and the European Central Bank.

The G-20 has no permanent staff of its own. The G-20 chair rotates among members and is selected from a different region of the world each year. In 2009, the G-20 chair is the United Kingdom, and in 2010, it will be South Korea. The chair is part of a Troika — a revolving three-member management of past, present and future chairs. Each chair has a temporary staff, or secretariat, for the duration of its term to ensure continuity in the G-20's work, management, and organization.

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