The G20 summit is under way in Brazil.
CGTN presenter Jamie Owen explains the group’s inception and why it was formed.
#g20 #brazil
CGTN presenter Jamie Owen explains the group’s inception and why it was formed.
#g20 #brazil
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00:00The G20 is comprised of 19 countries and Spain as a permanent guest,
00:04along with the European Union, and since last year, the African Union.
00:09The group meets annually to discuss global economic and political issues like climate change and finance.
00:15Under Brazil's presidency, it'll include talks on how to reform global institutions
00:20like the United Nations, International Monetary Fund, and the World Bank.
00:25It was formed in 1999, in the wake of the Asia financial crisis,
00:29to unite finance ministers and central bankers from 20 of the world's largest economies.
00:36Ten years later, at the height of the global financial crisis,
00:39the meeting of G20 leaders was widely credited with stopping the world's financial system
00:45from going into freefall.
00:46Leaders there agreed a $4 trillion spending package to try to revive their economies.