(1) Launching of the G20 Summit

Background The G20 Summit meeting was created as a response both to the financial crises of the late 1990s and to a growing recognition that key emerging countries were not adequately included in the core of global economic discussion and governance. Prior to the G20 creation, similar groupings to promote dialogue and analysis had been established at the initiative of the G7.

Member Nations Category (No. of members) Nations G-7 (7) U.S., Japan, U.K., France, Germany, Canada, Italy Asia (4) Republic of Korea, China, India, Indonesia Latin America (3) Argentina, Brazil, Mexico Europe and more (4) Russia, Turkey, Australia, EU Chair nation* Africa, Middle East (2) Republic of South Africa, Saudi Arabia * EU Chair's position is held for 6 months in rotation. The Czech Republic is the chair as of May 2009.

(2) G20 Summit History

1st Summit in Washington (Nov 2008) ▷ Main Issues · Looking for causes of the financial crisis and assessment of relevant policy measures introduced to deal with the problem · Ways to unite efforts for global economic recovery · Seeking basic principles to innovate international financial system · Future direction for innovation of international financial system · Recognition of the importance of free trade and market economy

2nd Summit in London (Apr 2009) ▷ Main Issues · Global collaboration in macroeconomic policies, including fiscal expansion · Anti-protectionism efforts · Financial support for emerging and developing economies · Financial stabilization measures, including bad asset management · Strengthening of supervision on international finance · Innovation of international financial organizations

3rd Summit in Pittsburgh (Sep 2009) ▷ Main Issues · Innovation of international financial organizations · Ways to support international economic growth · Discussion about international trade, climate change and energy security · Improvement of international financial regulation

4th Summit in Toronto (Jun 2010) ▷ Main Issues · Agreement on principles for fiscal consolidation by advanced economies · Agreement on reform directions for regulations on bank capital and liquidity · Agreement on direction of IMF reform