G-20 Finance Ministers and Central Govenors Meeting held in Bali : India's emphasis on minimising negative spill over effects of global risks on emerging economies
Post by Admin,Oct 12,2018.
What is in news
The Final G-20 Finance Ministers and Central Bank Governors (FMCBG) Meeting under the 2018 Argentine Presidency a were held on 11th -12th October 2018 in Bali, Indonesia on the sidelines of the IMF/Fund Bank Annual Meetings.
The deliberations in the G-20 FMCBG meeting centered on key risks facing the global economy, enhancing a resilient international financial architecture, financing infrastructure development, progress on compact with Africa as well as streamlining of the GPFI process.
About G 20
It came in the aftermath of Asian financial crisis of 1999 and is a forum of governments and central bank governors from 20 major economies.
Its purpose is to study, review, and promote high-level discussion of policy issues pertaining to the promotion of international financial stability
Summit level meeting was initiated after financial crisis of 2008. Therefore since then 3 separate meetings are held head of state(Summit level), finance ministers meet, central bank governors meet.
G20 does not have a Secretariat, does not have any staff working for it, and it is basically a leader led forum.
The recommendations of G20 are advisory in nature.
It is up to the host country to set up the agenda. The common agenda in all these meeting ‘How to have transparent, better, and effective global economic governance and how to promote growth’.
The forum provides an opportunity for bilateral and multilateral meetings
G 20 Countries
19 countries: Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States.
And European Union which is represented by European Commission and the European Central Bank