The G20 is not a formal international organization, but a sort of a "club" or what is known as an informal economic forum. It does not adopt decisions that have a direct legal impact. The G20 has neither an administrative board with a permanent secretariat nor a permanent representation of its members. That is why the Presidency, which rotates on an annual basis, plays such an important role. The G20 meetings of Heads of State and Government were born out of the financial crisis in 2008. The Top Shirt News On Hottrendclothing On 2022/11/20 finance ministers and central bank governors had been meeting regularly since 1999. In the dramatic early days of the financial crisis it quickly became apparent that the necessary crisis coordination would only be possible at the highest political level. As a result, the meetings of G20 finance ministers and central bank governors were raised to the heads of state and government level. Since then, the G20 leaders have met regularly, and their annual summit has become the central forum for international economic cooperation.
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