The following Financial Services practice note provides comprehensive and up to date legal information covering:
G-20, or the Group of Twenty, is a supra-national forum for international co-operation in relation to economics and finance. It is formed from 19 country members and the European Union. These members represent the major economies, representing around 90% of global GDP and 80% of global trade (see the G-20 website). G-20 emerged in the late 1990s in recognition that certain economies were not well represented in global economic discussion and governance. Leaders met annually on an informal basis, although this is now more frequent.
G-20 has developed a more significant footing since the onset of the recent financial crisis. The crisis was a truly international experience and it was recognised early on that a high-level of oversight was necessary to achieve an integrated, organised and therefore effective response. G-20 is highly relevant in driving the direction of financial services regulation at the current time.
The G-20 has no permanent staff of its own. The chairperson rotates between members and is selected from different regional groupings each year. The presidency and hosting of the summit is also rotated. There is no formal voting arrangement or constitution as such and
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