G20

The Group of Twenty Finance Ministers and the Repersenatives of their Economies (known in short as the G20 or Group of Twenty), is a group of finance ministers and central bank governors from 20 economies: 19 countries, plus the European Union. The current chair country of the G-20 is South Korea.

Collectively, the G-20 economies comprise 90% of global gross national product, 80% of world trade (including EU intra-trade) and two-thirds of the world population.

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.

With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations.

Heads of states of G-20 members meet biannually at the G-20 Summit. The 2010 G-20 Summits are scheduled to be held in Toronto on June 26-27 and Seoul on November 11-13.