MCQ Detailed View

The Group of Twenty (G20) was officially founded on 26 September 1999. It was created in response to the 1997–1998 Asian financial crisis, which highlighted the urgent need for a broader and more inclusive platform for global economic discussions. Unlike the G7, which included only advanced economies, the G20 brought together both developed and emerging economies to ensure wider participation in international financial decision-making.

The first G20 meeting took place in Berlin, Germany, on 15–16 December 1999. It was chaired by Paul Martin, Canada’s Finance Minister, and hosted by Hans Eichel, Germany’s Finance Minister. This meeting set the foundation for what would later become one of the most important international forums for economic cooperation.

Key facts about the G20:

• Founded: 26 September 1999


• First Meeting: 15–16 December 1999 in Berlin, Germany


• Purpose: To promote global financial stability, sustainable growth, and policy coordination among major economies


• Members: 19 countries plus the European Union


• Headquarters: The G20 has no permanent headquarters. The presidency rotates annually among member nations.


• Global Role: Represents over 80% of world GDP and 75% of international trade

The creation of the G20 was a turning point in international economic governance. By including both advanced and emerging economies, it ensured a more balanced and representative dialogue on critical issues like global trade, climate change, development, and financial reforms. Today, the G20 is considered the world’s most influential economic forum, shaping policies that affect billions of people worldwide.

Correct Answer: 26 September 1999