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Mexico will chair the G20 in To help prepare these summits, the G20 finance ministers and central bank governors continue to meet on their own, on the occasion of the spring and sometimes also the fall meetings of the International Monetary Fund and the World Bank, and again in the final weeks before the summit.
The new Group of Twenty G20 forum of finance ministers and central bank governors was formally created at the September 25, , meeting of the G7 Finance Ministers.
It was created "as a new mechanism for informal dialogue in the framework of the Bretton Woods institutional system, to broaden the dialogue on key economic and financial policy issues among systemically significant economies and to promote cooperation to achieve stable and sustainable world growth that benefits all" G7 To launch the G20 at its first ministerial meeting in Berlin in December , the G7 finance ministers were to invite "counterparts from a number of systemically important countries from regions around the world," as well as representative of the EU, IMF and World Bank.
There they declared, following passages welcoming the creation of the Financial Stability Forum and the IMF's International Financial and Monetary Committee IFMC , "the commitment to work together to establish an informal mechanism for dialogue among systemically important countries, within the framework of the Bretton Woods institutional system.
The G20, from this initial formulation as the "GX" to its September birth, was the product of different approaches among G7 members.
These will determine in part how the new body evolves. The USA and Japan were very much in favour of the new body.
Britain, while supportive, was somewhat reserved, for fear that the G20 might undercut in practice the prominence of the new IFMC, which Britain's finance minister Gordon Brown was chosen to initially chair.
Their early emphasis was on restricting the discussions to be held within the new body. Canada was supportive, in part because it wished to see a broader consultative structure that was more formalized, linked to other institutions, and less controlled by the USA and its preferences than it perceived the earlier G22, created at President Clinton's initiative at the November APEC leaders' meeting, to have been.
As outlined by Martin, the G20 "fulfills the commitment by G7 leaders at the June Summit at Koln "to establish an informal mechanism for dialogue among systemically important countries within the framework of the Bretton Woods institutional system" Canada Having ADT-monitored security service in your home means you could be eligible for homeowners insurance discounts.
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