What is the G-20 The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was esta

blished in 1999 to bring together important industrialized and developing econom ies to discuss key issues in the global economy. The first meeting of the G-20 t ook place in Berlin, on December 15-16, 1999, hosted by German and Canadian fina nce ministers. Origins The G-20 was created as a response both to the financial crises of the late 1990 s and to a growing recognition that important emerging-market countries were not adequately included in the core of global economic discussion and governance. B efore the G-20 creation, similar groupings to promote dialogue and analysis had been established at the initiative of the G-7. The G-22 met at Washington D.C. i n April and October 1998. Its aim was to involve non-G-7 countries in the resolu tion of global aspects of the financial crisis then affecting emerging-market co untries. Two following meetings consisted of a larger group of participants (G-3 3) held in March and April 1999 discussed reforms of the global economy and the international financial system. The proposals made by the G-22 and the G-33 to r educe the world economy's vulnerability to crises showed the potential benefits of a regular international consultative forum embracing the emerging-market coun tries. Such a regular dialogue with a constant set of partners was institutional ized by the creation of the G-20 in 1999. Membership The European Union, who is represented by the rotating Council presidency and th e European Central Bank, is the 20th member of the G-20. To ensure global econom ic fora and institutions work together, the Managing Director of the Internation al Monetary Fund (IMF) and the President of the World Bank, plus the chairs of t he International Monetary and Financial Committee and Development Committee of t he IMF and World Bank, also participate in G-20 meetings on an ex-officio basis (Meaning they have the right to participate only because they are the president of a corporation). The G-20 thus brings together important industrial and emergi ng-market countries from all regions of the world. Together, member countries re present around 90 per cent of global gross national product, 80 per cent of worl d trade (including EU intra-trade) as well as two-thirds of the world's populati on. The G-20's economic weight and broad membership gives it a high degree of le gitimacy and influence over the management of the global economy and financial s ystem. Seoul 2010 Agenda The summit leaders addressed several mid- and long-term policy issues, including Ensuring global economic recovery Framework for strong, sustainable, and balanced global growth Strengthening the international financial regulatory system Modernizing the international financial institutions Global financial safety nets Development issues The risk of a currency war Representatives met in advance of the leaders' summit. These sherpas were tasked to draft a closing statement for the summit. The debate over currency exchange rates and imbalances was reported to have been "heated." Outcome Despite public endorsements by attending leaders, most commentators looking back on the summit have argued that only limited progress was made, especially on th e headline issue of currency war and addressing trade imbalances. Leaders were g enerally unable to agree on issues, with commentators such as economist Eswar Pr asad noting the absence of the sense of unity that had been present at summits d

uring the worse of the global financial crisis of 2007-2009. IMF managing direct or Dominique Strauss-Kahn said this particular summit was "more of a G20 debate than a G20 conclusion". Relating to the need to rebalance the world economy, agreement had been reached to work on indicative guidelines which will set suggested maximum limits for cur rent account surpluses and deficits, though these are not due to be fleshed out until 2011. G20 leaders also agreed to endorse the Seoul Development Consensus , a set of guidelines and principles for working together with less development n ations to improve economic growth and reduce poverty. In contrast to the older W ashington Consensus which it supersedes, the Seoul Consensus is less free market orientated, allowing a bigger role for state intervention. As you can see there were protests as well. These were started by rally organise rs who gathered around 40.000 protesters outside Seoul's city hall. Activists sa y the G20 tries to pass the burden of the global financial crisis over to the ge neral public. The reasons for protesting were that they thought the G-20 hindere d labour rights and cut social wellfare.