G-20 and International Economic Cooperation: Background and Implications for Congress. October 23, 2013

摘要

The G-20 is an international forum for discussing and coordinating economic policies among major advanced and emerging economies. Congress may want to exercise oversight over the Administrations participation in the G-20 process, including the policy commitments that the Administration is making in the G-20 and the policies it is encouraging other G-20 countries to pursue. The G-20 rose to prominence during the global financial crisis of 2008-2009, when it played an arguably influential role in coordinating international responses to the crisis. Leaders agreed that the G-20 would be the premier forum for international economic coordination, a position previously held by a smaller group of advanced economies (the Group of 7, or G-7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States). G-20 leaders have annual meetings (summits), and meetings among lower-level officials from the G-20 countries occur more frequently. Meetings primarily focus on international economic and financial issues, although related topics are also discussed, including development, food security, and the environment, among others. Previous summits have, for example, focused on financial regulatory reform, global imbalances, funding for the International Monetary Fund (IMF), voting power of emerging economies in international financial institutions, and fossil fuel subsidies.