The 2008 G-20 Washington Summit on Financial Markets and the World Economy took place on November 14–15, 2008, in Washington, D.C., United States. It achieved general agreement amongst the G-20 on how to cooperate in key areas so as to strengthen economic growth, deal with the financial crisis, and lay the foundation for reform to avoid similar crises in the future. The Summit resulted from an initiative by the French and European Union President, Nicolas Sarkozy, and the British Prime Minister, Gordon Brown. In connection with the G7 finance ministers on October 11, 2008, United States President George W. Bush stated that the next meeting of the G-20 would be important in finding solutions to the economic crisis. Since many economists and politicians called for a new Bretton Woods system (a monetary management which was instituted after World War II) to overhaul the world's financial structure, the meeting has sometimes been described by the media as Bretton Woods II.

Bretton Woods II was an informal designation for the system of currency relations which developed during the 2000s (decade). As described by political economist Daniel Drezner, "Under this system, the U.S. is running massive current account deficits to be the source of export-led growth for other countries. To fund this deficit, central banks, particularly those on the Pacific Rim, are buying up dollars and dollar-denominated assets."

James Gordon Brown (born 20 February 1951) is a British Labour Party politician who was the Prime Minister of the United Kingdom and Leader of the Labour Party from 2007 until 2010. He previously served as Chancellor of the Exchequer in the Labour Government from 1997 to 2007, becoming the longest-serving holder of that office in modern history. Brown has been a Member of Parliament (MP) since 1983, for Dunfermline East until 2005, and currently for Kirkcaldy and Cowdenbeath.

Brown became Prime Minister on 27 June 2007, after the resignation of Tony Blair and three days after becoming Leader of the governing Labour Party. His tenure ended on 11 May 2010, when he resigned as Prime Minister and Leader of the Labour Party. Brown was one of only three people to serve in the Cabinet continuously from Labour's victory in 1997 until its defeat in 2010, the others being Jack Straw and Alistair Darling.

Brown has a PhD in history from the University of Edinburgh and spent his early career working as a lecturer at a further education college and a television journalist. He has been a Member of Parliament since 1983; first for Dunfermline East and since 2005 for Kirkcaldy and Cowdenbeath. As Prime Minister, he also held the offices of First Lord of the Treasury and the Minister for the Civil Service.

Stephen Joseph Harper, PC MP (born April 30, 1959) is the 22nd and current Prime Minister of Canada and leader of the Conservative Party. Harper became prime minister when his party formed a minority government after the 2006 federal election. He is the first prime minister from the newly reconstituted Conservative Party, following a merger of the Progressive Conservative and Canadian Alliance parties.

Harper has been the Member of Parliament (MP) for the riding of Calgary Southwest in Alberta since 2002. Earlier, from 1993 to 1997, he was the MP for Calgary West. He was one of the founding members of the Reform Party, but did not seek re-election, and instead joined, and shortly thereafter led, the National Citizens Coalition. In 2002, he succeeded Stockwell Day as leader of the Canadian Alliance (the successor to the Reform Party) and returned to parliament as Leader of the Opposition. In 2003, he reached an agreement with Progressive Conservative leader Peter MacKay for the merger of their two parties to form the Conservative Party of Canada. He was elected as the party's first non-interim leader in March 2004.

George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd President of the United States from 2001 to 2009 and the 46th Governor of Texas from 1995 to 2000. The eldest son of Barbara Bush and George H. W. Bush, he was born in New Haven, Connecticut. After graduating from Yale University in 1968 and Harvard Business School in 1975, Bush worked in oil businesses. He married Laura Welch in 1977 and ran unsuccessfully for the House of Representatives shortly thereafter. He later co-owned the Texas Rangers baseball team before defeating Ann Richards in the 1994 Texas gubernatorial election. In a close and controversial election, Bush was elected President in 2000 as the Republican candidate, defeating Vice President Al Gore in the Electoral College. Bush is the second American president to have been the son of a former president. He is also the brother of Jeb Bush, former Governor of Florida.

Terrorist attacks occurred eight months into Bush's first term as president on September 11, 2001. In response, Bush announced the War on Terror, an international military campaign which included the war in Afghanistan launched in 2001 and the war in Iraq launched in 2003. In addition to national security issues, Bush promoted policies on the economy, health care, education, and social security reform. He signed into law broad tax cuts, the PATRIOT Act, the No Child Left Behind Act, the Partial-Birth Abortion Ban Act, and Medicare prescription drug benefits for seniors. His tenure saw national debates on immigration, Social Security, electronic surveillance, and enhanced interrogation techniques. His administration also withdrew the U.S. from a some international treaty processes, including the Kyoto Protocol on global warming.