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G-20 Finance Ministers and Central Bank Governors Meet

Feb 24, 2014 12:30 IST

The G-20 Meeting of Finance Ministers and Central Bank Governors was held at Sydney, Australia on 22 February 2014 to 23 February 2014.

G-20 summit 2014


The official theme of the meeting is restoring global growth.

The G20 nations set the target to increase global growth by at least two percentage points over the next five years that is by 2019. To achieve the target a clear action plan is yet to endorse.

The ambitious target would translate about 2 trillion dollar in economic activity.

The summit also produced a breakthrough on international tax avoidance, with all nations agreeing to adopt a common reporting standard for the automatic exchange of tax information and to detail plans for implementing it by September 2014.
The meeting had done little to reduce concerns over the U.S. Federal Reserve's decision to scale back its stimulus program as the job market improves.

The reduced flow of cheap money has unsettled investors in emerging markets and contributed to sharp declines in some currencies. Political instability has also made matters worse for countries such as Argentina, Turkey and Ukraine.

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The annual G20 summit will be held in November 2014 in Brisbane.

About G-20 Major Economies

The Group of Twenty (G20) is the premier forum for its members’ international economic cooperation and decision-making. Its membership comprises 19 countries plus the European Union.

G20 leaders meet annually, additionally during the year Finance Ministers and Central Bank Governors meet regularly to discuss ways to strengthen the global economy, reform international financial institutions, improve financial regulation, and discuss the key economic reforms that are needed in each of the member countries.

The G20 started in 1999 as a meeting of Finance Ministers and Central Bank Governors in the aftermath of the Asian financial crisis. In 2008, the first G20 Leaders Summit was held, and the group played a key role in responding to the global financial crisis.

It consists of the US, Argentina, Australia, Brazil, the UK, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, South Korea, Russia, Saudi Arabia, South Africa, Turkey, and the European Union.

About G-20 Developing Nations

imageThe G20, also known as the Group of 20 is a bloc of developing nations established in 2003.

Distinct and separate from the G-20 major economies, the group emerged at the 5th Ministerial WTO conference, held in Cancún, Mexico,  in September 2003.

The G-20 accounts for 60 percent of the world's population and 26 percent of world’s agricultural exports.

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