The Group of Twenty or G20 is an international organization or can say economic grouping made up of the European Union (EU) and 19 other nations. It strives to solve important global economic concerns including international financial stability, reducing greenhouse gas emissions, and sustainable development.

In 1999, the G20 was established in response to various global economic problems. It has met at least once a year since 2008, with summits attended by the heads of state or government, the finance minister, the foreign minister, and other top officials from each member; the European Union is represented by the European Commission and the European Central Bank. The summits are open to participation from other nations, international organizations, and non-profit groups, some of which are invited on an ongoing basis.

Global economic governance has been the G20’s main concern. Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, South Korea, Japan, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom, the United States, and the European Union are among the group’s 20 members as of 2023. Spain, the UN, the World Bank, the African Union, and ASEAN are just a few of the organizations that have been invited as guests.

The heads of 19 nations and the European Union are represented in summits of world leaders, while the finance ministers and governors of the central banks of 19 nations and the European Union are present at ministerial-level gatherings.

Bengaluru hosted the second meeting of Central Bank Governors (FMCBG) and the inaugural meeting of G20 Finance Ministers from February 22–25, 2023. The war between Russia and Ukraine and cryptocurrency were among the subjects covered by the members. Up until November 2023, India will be the G20’s president. The European Union and 19 other nations make up the group. Together with the permanent member, Bangladesh, Egypt, Mauritius, the Netherlands, Nigeria, Oman, Singapore, Spain, and the United Arab Emirates are among India’s special invitee visitor nations. the G20 FMCBG meeting in Bengaluru, India, provided the following key learnings.

1. On the Russia-Ukraine problem, the group asserted that the G20 was not the appropriate platform for resolving security matters, despite the fact that they may have a substantial impact on the world economy.
2.  The group gave the G20 Indian Presidency’s Framework Working Group the mission of researching macroeconomic scenarios, effects, and repercussions of food and energy insecurity, as well as their implications for the global economy and in policy settings.
3. The International Financial Architecture Working Group was given the responsibility of collaborating with the Multilateral Development Banks (MDB) to develop a G20 roadmap for putting the recommendations of the G20 Independent Review of MDBs Capital Adequacy Frameworks (CAF) into practice based on updates from MDBs in Spring 2023. The group expressed excitement about getting the plan in the third meeting in 2023.
4. The organization acknowledged the need for immediate action to address the debt risks in low- and middle-income nations. The members praised the end of the debt treatment for Chad and demanded that the work on the debt treatments for Zambia and Ethiopia be finished quickly. It anticipates both a prompt settlement of Sri Lanka’s debt crisis and the prompt creation of a formal creditor committee for Ghana to work on the desired debt treatment. The committee charged the International Financial Architecture Working Group with creating a fair and thorough G20 Note on the Global Debt Landscape.
5. The group stated that it will work in accordance with the G20 Sustainable Finance Roadmap to allow greater finance for Sustainable Development Goals (SDG), including and beyond climate. Together, the members requested that the Sustainable Finance Working Group create an analytical framework for enabling financing for the SDGs, first focusing on data and reporting connected to nature and social impact investment while taking into account national conditions.
6. The Organization for Economic Cooperation and Development (OECD) was urged by the group to complete work on the implementation packages for the Common Reporting Standard modifications and the Crypto-Asset Reporting Framework (CRS). By their third summit in 2023, the G20 anticipates the FSB’s high-level proposals for the supervision and regulation of stablecoins and digital assets.