G20 generally refers to the Group of Twenty, which was initiated by the G7 finance ministers’ meeting in 1999. It consists of twenty parties, including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union. The establishment of the G20 was proposed by the finance ministers of seven industrialized countries in June 1999 in Cologne, Germany. Its purpose is to prevent the recurrence of financial crises like the Asian financial crisis, and to facilitate informal dialogue among relevant countries on international economic and monetary policies, in order to promote the stability of the international financial and monetary system. Initially, the G20 meetings were attended only by finance ministers and central bank governors of each country. However, since the global financial crisis triggered by the United States in 2008 made the financial system a global focus, G20 summits have been held, granting more speaking rights to countries, replacing the previous G8 summit or G20 finance ministers’ meetings.
