- published: 17 Nov 2014
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The Group of Twenty Finance Ministers and Central Bank Governors (also known as the G-20, G20, and Group of Twenty) is a group of finance ministers and central bank governors from 20 major economies: 19 countries plus the European Union, which is represented by the President of the European Council and by the European Central Bank. Their heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. Collectively, the G-20 economies account for more than 80 percent of the gross world product (GWP), 80 percent of world trade (including EU intra-trade), and two-thirds of the world population. They furthermore account for 84.1 percent and 82.2 percent of the world's economic growth by nominal GDP and GDP (PPP) respectively from the years 2010 to 2016, according to the International Monetary Fund (IMF).
The G-20 was proposed by former Canadian Finance Minister Paul Martin (later, Prime Minister) for cooperation and consultation on matters pertaining to the international financial system. It studies, reviews, and promotes discussion (among key industrial and emerging market countries) of policy issues pertaining to the promotion of international financial stability, and seeks to address issues that go beyond the responsibilities of any one organization. With the G-20 growing in stature since the 2008 Washington summit, its leaders announced on September 25, 2009, that the group will replace the G8 as the main economic council of wealthy nations.
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.