#1. A consortium of Finance Ministers and Central Bank Governors of 19 prime nations and European Union as a whole meet to discuss international economic cooperation and decision-making every year.
The predominant agendas of discussion are:
* strengthening of global economy,
* reforming the international financial institutions
* improvements in financial regulation
* implementation of key economic reforms
#2. It all began after the repercussions of the Asian Financial Crisis in 1997 or the Asian Contagion. The government of Thailand made a decision to not peg their currency to US dollar as a consequence of which their currency markets failed. The waves spread throughout South Asia and some unwanted results were:
* stock market declines
* reduced import revenues
* government disturbances
* economic slump in the US, EU and Russia
Measures taken to deal with this situation were:
* Incorporation of protectionism
* Heavy buying of US treasuries
* Government reforms in Thailand, South Korea, Japan and Indonesia
#3. The G20 countries work together to introduce trillions of dollars as fiscal stimulus packages as a bulwark against financial crisis so that jobs don’t get destroyed and business confidence remains intact.
Some of the international organizations working in juxtaposition with the G20 are:
* Financial Stability Board
* International Labour Organisation
* International Monetary Fund
* Organisation for Economic Co-operation and Development
* United Nations
* World Bank
* World Trade Organization.
Some of their close associates are: B20, C20, L20, T20 and Y20, comprising
* civil society
* organised labour
#4. As Turkey hosts the G20 this year, their prime goals are:
Strengthening the Global Recovery and Lifting the Potential
* Macro Policy Cooperation
* Financial Regulation
* International Financial Architecture
* International Tax
* Energy Sustainability
* Climate Change Finance
#5. Indian representatives at the G20
* The Prime Minister represents India in the G20 Leaders’ Summit.
* The Finance Minister of India and the Governor of the Reserve Bank of India represent in the Finance Ministers and the Central Bank Governors meetings.
* Mr. Arvind Panagariya represents as India’s Sherpa in G20.
* Ministerial Meetings are represented by the Cabinet Ministers of the respective Ministries.
* Secretary(Department of Economic Affairs) represents as Finance Deputy and the Joint Secretary (Multilateral Relations) Department of Economic Affairs and Joint Secretary(MER) Ministry of External Affairs represents as Sous-Sherpa.
* Other official level meetings are attended by the Joint Secretary, the Director and the Deputy Secretaries of the G20 Secretariat.
* There are various working Groups and Committees under the two tracks of G20. Officials belonging to the Ministries/ Departments dealing with the respective subjects of the groups and committees are nominated to represent India in these Groups and Committees.