The G20 acts as the premier forum by which major players in the global economy come together to discuss and cooperate on international economic crises and issues. It was formed in 1999 by the members of the G7 as a means to broaden financial cooperation beyond the primarily Western G7 members. Its initial structure was a yearly meeting of the 19 member states and the European Union ’ s chief finance ministers. Early meetings discussed the foundations of sustainable growth in the global economy as well as reform of other multinational organisations such as the IMF or World Bank. In 2008, as fears of a Global Financial crisis grew, the summit took greater importance. It was agreed that member leaders would begin attending the summits as a means to further the credibility of the G20's aims and objectives. The organisation possesses no permanent chair or secretariat but instead has a rotating Presidency held by the host nation of the summit. Beyond the 19 member nations and the EU, other nations and organisations tend to be in attendance. Host nations tend to invite relevant observers, while Spain holds the position of being a permanent observer. Representatives from the African Union (made a member in 2023), World Bank, WTO, UN and others tend to be invited as observers.

 

The summit, which this debate will be emulating is the 2009 summit. Held in London on the 2nd of April 2009, it shaped the long term global response to the 2008 financial crisis. Its agenda hoped to cooperatively address the wider response to the crisis and formulate future resilience mechanisms.