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The Group of Twenty Finance Ministers and Central Bank Governors, also known as The G-20, Group of 20 and G20, was created in 1990. The G-20 was created in response to both the financial crises of the 1990s and as a way to recognise emerging-market countries that were not adequately included in the core global economic discussion and governance. It is a group of finance ministers and central bank governors from twenty major economies (nineteen countries and the European Union). The members of the G-20 that are countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia], Saudi Arabia, South Korea, South Africa, Turkey, The United Kingdom and The United States. The group is finished off with a representative of the European Union. The Netherlands and Spain have also been present at some meetings but are not recognised members. The economies present make up 80% of the global Gross National Product (GNP) and two-thirds of the worl population. The main purpose of the G-20 is to bring together all the important industrialized and developing economies to discuss key issues concerning the global economy. The growing stature of the G-20 since 2008 has led to it being declared that it will replace the G8 as the main economic council of wealthy nations.
The mandate of the G-20 is to be a forum for international economic development that promotes constructive and open discussion between industrial and emerging-market countries on important issues that relate to the stability of the global economy. This is done by contributing to strengthening of the international financial structure. It also provides an opportunity for dialogue on national policies, international co-operation, and international financial institutions. The G-20 aims to help and supports growth and development across the entire globe.