The G20 was established in 1999 as a forum for the Finance Ministers and Central Bank Governors of major industrialized and developing economies. It was created in response to the Asian financial crisis of 1997-1998 to discuss global economic and financial stability. The first G20 leaders' summit, where heads of state and government met, was held later in 2008, marking its elevation to the level of global leaders' annual summits.
Summary:
- Established: 1999 (as a forum for finance ministers and central bank governors)
- Elevated to leaders' summit: 2008 (first summit held in Washington, D.C.)
- Purpose: Address global economic issues and promote financial stability post major crises
This timeline highlights the G20's initial formation in 1999 and formal leader-level summits starting in 2008.
