Group of 20

The Group of 20, which superseded the Group of 33, was foreshadowed at the Cologne Summit of the G-7 in June 1999, but was formally established at the G-7 Finance Ministers' meeting on September 26, 1999. The G-20 was formed as a new forum for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion among key industrial and emerging market countries of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization.

The membership of the G-20 comprises the finance ministers and central bank governors of the G-7, 12 other key countries, and the European Union Presidency (if not a G-7 member); the European Central Bank; the Managing Director of the IMF; the Chairman of the IMFC; the President of the World Bank; and the Chairman of the Development Committee.