The G20 was founded in 1999 as an informal group of finance ministers and central bank governors from 19 countries and the European Union in response to the global financial crisis of the late 1990s. The heads of state and government of the 19 countries and representatives from the European Union also joined the group in 2008 at the first G20 leaders’ summit held in Washington, DC. Since then, they have been meeting every year.
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, the United States and the European Union are members of the G20.
Although the G20 originally restricted itself to economic and financial issues, this group of nations comprising the world’s major industrialised and developing countries has gone beyond crisis management. It has expanded its agenda, and today it is a major forum for global governance.