The role of the G20 is growing

From 5 to 6 September 2013, St. Petersburg will host the summit of the G20. The G20 is a format of international meetings of finance ministers and central bank governors representing 20 economies: the 19 largest national economies and the European Union. In addition, usually the G20 meetings are attended by representatives of the International Monetary Fund and the World Bank. Altogether, the G20 represents 90% of global gross national product, 80% of world trade (including intra-EU trade) and two -thirds of the world population. It is a forum for cooperation and consultation on matters pertaining to the international financial system. Until 2008, the Group did not hold summits at the highest level; its main form of activity was the annual meeting of finance ministers and central bankers. It was created in response to the financial crises of the 1990s, and a growing awareness of the fact that emerging market economies and the Asia-Pacific countries were not adequately represented in global economic debates and decision-making contributed to this. Radical change in the balance of power in world politics and the global economy are reflected in the bodies of global governance, in particular in the G20. The dean of the Department of World Politics of Moscow State University, Andrey Kokoshin, and the director of the Institute of Oriental Studies of the Russian Academy of Sciences, Vitaly Naumkin, commented on the role of the G20 in world politics and the expectations for the upcoming summit.