What is the G20?
The Group of Twenty (G20) is the premier forum for international cooperation on the most important issues of the global economic and financial agenda. The objectives of the G20 refer to:
Policy coordination between its members in order to achieve global economic stability, sustainable growth;
Promoting financial regulations that reduce risks and prevent future financial crises;
Modernising international financial architecture.
What is the relationship between the Y20 and the G20?
The Youth 20 Summit (Y20) is the official youth summit of the G20. While the Y20 is independent of the host country’s government, a majority of its resources are provided by the host country.
How did this international forum begin?
The G20 was formally established in September 1999 when finance ministers and central bank governors of seven major industrial countries (Canada, France, Germany, Italy, Japan, the United Kingdom and the United States) met in Washington, D.C. in the aftermath of the financial crisis of 1997-1998, which showed that key developing countries were insufficiently involved in discussions and decisions concerning global economic issues.
In November 2008, a decision was made to change the format of G20 meetings and additionally hold leaders’ summits (summits of heads of state and government), which has made the forum what it is today.
In June 2010, the Y20 was launched, with the view that it was critical for the voice for young people to be heard on the most pressing economic issues of the world.
Which countries are members of the G20?
The G20 brings together finance ministers and central bank governors from 19 countries:
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, the Republic of Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, and the United States of America, plus the European Union.
How well does the G20 reflect non-member countries’ interests?
The G20 host country identifies the countries to be invited as temporary invitees for the period of its presidency based on the following guidelines:
The number of invited non-member countries will not exceed five;
Fair and balanced geographical representation;
Countries presiding over regional forums, such as the African Union, ASEAN, APEC, etc., will be invited in the first place.
In 2014 the invited summit guests are: Myanmar, Senegal, New Zealand, Singapore, Spain and the 2014 Cead of the African Union (to be announced in January 2014).
Do international organisations participate in the G20?
The G20 maintains close relationship with formal international organisations such as the International Monetary Fund (IMF), the World Bank (WB), the Financial Stability Board, the Organization for Economic Cooperation and Development (OECD), the World Trade Organization (WTO), the United Nations and International Labor Organization (ILO) regularly taking part in G20 meetings. Other international organisations are also frequently invited to participate in the premier forum.
What is the outreach format?
To ensure the legitimacy, transparency and efficiency of the Y20 the Planning Group plans to engage young people both domestically and internationally in consultations.
How many Y20 Summits have been held?
Until now five Y20 Summits have taken place:
- June 2010 – Toronto, Canada
- November 2010 – Seoul, Republic of Korea
- November 2011 – Cannes, France
- June 2012 – Los Cabos, Mexico
- June 2013 – St Petersburg, Russia
What issues are normally on the G20 agenda?
During the first G20 meeting in Washington, D.C., the G20 leaders discussed the causes of the global economic and financial crisis and agreed on an action plan to achieve three main objectives:
- Restoring global economic growth;
- Strengthening the international financial system;
- Reforming international financial institutions.
More specific issues for the summits are developed in Sherpas’ Meetings, Finance Ministers and Central Bank Governors’ Meetings, Seminars and other Outreach events.
The broad themes of the 2014 Summit are:
- Promoting stronger economic growth and employment outcomes;
- Making the global economy more resilient to deal with future shocks.
What are the G20’s major achievements to date?
The G20’s major achievements include strengthening the role of emerging economies, such as BRICS (Brazil, Russia, India, China and South Africa), reforming international financial institutions, improving discipline and tightening oversight over national financial institutions and regulators, improving the quality of financial regulations in economies whose regulatory problems led to the crisis, and creating financial and organisational safety nets to prevent severe economic slumps in the future.
When and where will the Y20 2014 Summit be held?
The Y20 Summit will be held in Sydney from July 12-15, 2014.
What priority issues and themes will the 2014 Y20 Focus on?
The 2014 Summit will focus on the Strategic Alignment of the Y20 agenda with the G20 and B20 agenda to ensure that young people have the opportunity to have their voices heard on the most pressing global issues that we know world leaders are focusing their attention on.
In line with our strategic alignment goal we’ve chosen to focus the Y20 2014 Summit around 3 broad theme areas that not only factor strongly in the G20’s priorities but are also extremely salient issues for young people:
- Growth and Jobs creation, with a focus on youth unemployment
- Global citizenship, with a focus on labour and education mobility.
- Sustainable development
If I have media enquiries who do I get in touch with?
For all media enquiries contact us at: y20@y20Australia.com
Where do I go for information on the delegate process?
For more information on the delegate selection process.