ABSTRACT
The Group of 20 (G20) was created in 1999 in response to the financial crises in the late 1990s, the growing influence of emerging market economies on the global economy, and their relatively modest formal role in the decision-making process, being excluded from the G7/8. The main objective of convening consultations within the G20 at the ministerial level was to cope with the financial crisis at the time and to work toward a framework for preventing financial instability, while securing sustainable and balanced global growth and reforming the architecture of global governance. The St Petersburg Summit on September 56, 2013, illustrates the point even if there were no major no-shows. It was eclipsed by the US threat of an unsanctioned attack on Syria. The absence of significant reform in the governance of the IMF and World Bank, which still remain dominated by the US and Europe, it was a needed step to introduce more legitimacy into international economic policy coordination.
