ABSTRACT
This chapter discusses the developments leading to the creation of the Group of Twenty (G20) Finance Ministers’ and Central Bank Governors’ forum and the subsequent emergence of the G20 leaders’ summits. The G20 Finance Ministers’ and Central Bank Governors’ forum was established following the recommendation of the Group of 7 (G7) Finance Ministers in their report to the Cologne Group of 8 (G8) summit on strengthening the international financial architecture. Earlier proposals to create a G20 leaders’ forum, championed by Paul Martin, had not at first found enough support among some of his fellow leaders, despite the fact that ‘the practical disadvantages occasioned by the unrepresentative nature of G7/G8 membership were becoming clearer’. The political leadership and commitment at the highest level were needed to make the G20 a reality and the powerful institution that it has become. The G20’s potential has begun to grow, in areas beyond strictly economic and financial issues.
