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Wednesday, 8 April 2009

G-20, what is it?

Assalamualaikum. Today, I felt like updating the blog so I decided to put up something about the G-20.

The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU). It also met twice at heads-of-government level, in November 2008 and again in April 2009. Collectively, the G-20 economies comprise 85% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population. ---It's kind of funny how big the G-20 is, but some people don't know what it even is.

The G-20 is a 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.

In 2009, there are 20 members of the G-20. These include 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
* United Kingdom
* United States

The 20th member is the European Union, which is represented by the rotating Council presidency and the European Central Bank.

In addition to these 20 members, the following forums and institutions, as represented by their respective chief executive officers, participate in meetings of the G-20:

* International Monetary Fund
* World Bank
* International Monetary and Financial Committee
* Development Committee of the IMF and World Bank

These are the locations of the meetings:
* 1999: Berlin, Germany
* 2000: Montreal, Canada
* 2001: Ottawa, Canada
* 2002: Delhi, India
* 2003: Morelia, Mexico
* 2004: Berlin, Germany
* 2005: Beijing, China
* 2006: Melbourne, Australia
* 2007: Cape Town, South Africa
* 2008: São Paulo, Brazil
* 2008: Washington, D.C., United States
* 2009: London, United Kingdom

---Since we want to be up to date, I will now talk(type) about the most recent meeting, also known as THE LONDON SUMMIT.

Real action was agreed at the Summit, with Leaders agreeing on steps to:

* Restore confidence, growth, and jobs: Leaders reaffirmed their commitment to work together to restore growth and jobs, while preserving long-term fiscal sustainability. They agreed actions to accelerate the return to trend growth and committed to taking whatever action is necessary to secure that outcome, and called on the IMF toassess regularly the actions taken and the global actions required. They committed to make available an additional $1.1 trillion programme of support to help the world economy through the crisis and to restore credit, growth and jobs. Most of this will be provided through the international financial institutions. ---WOW! I didn't know they can restore confidence.

* Strengthen financial supervision and regulation: Leaders agreed to strengthen the financial system by putting in place a better and more credible system of surveillance and regulation to take account of macro-prudential risks and prevent excess leveraging, including (for the first time) regulation and oversight of large hedge funds andcredit rating agencies. They also agreed actions to tackle non-cooperative jurisdictions and common principles for executive remuneration.

* Fund and reform our international financial institutions to overcome this crisis and prevent future ones:Leaders agreed to make an additional $850 billion in resources available through international financial institutions like the IMF,World Bank, and other multilateral development banks, including a $500 billion expansion of the IMF’s resources, an SDR allocation of $250 billion, and at least $100 billion in additional lending from MDBs. The leaders also agreed to ensure to they have the facilities needed to meet the needs of emerging markets and developing countries and speed up reform of international financial institutions to ensure national representation is in line with the changing balance of the world economy.

* Promote global trade and investment and reject protectionism, to underpin prosperity: Leaders committed not to resort to protectionism, direct or indirect,and put in place a transparent monitoring mechanism; and to take measures which promote trade, including a commitment to make available $250 billion to halt the slow-down in trade finance, which facilitates up to 90% of world trade.

* Build an inclusive, green, and sustainable recovery: Leaders reaffirmed their commitment to meeting the Millennium Development Goals and to delivering on development aid pledges; made $50 billion available to low income countries, including through the proceeds of agreed IMF gold sales; agreed that the IMF would further support low income countries; and called on the UN to establish aneffective mechanism to monitor the impact of the crisis on the poorestand most vulnerable.---So, in 2009 they start thinking about the "low income countries." What about the past years?

I hope all of the english debaters read this post. Please feel free to make any rebuttals. With that, Assalamualaikum.

1 comment:

Kelab De'PiKir SMIH said...

Thank you for kindness on updating the blog eventhough you're not obligated to do so on this week. Keep on updating!