Group of progress

Initiated in 1999, the G20, up until the global financial crisis in 2008, primarily involved meetings of finance ministers and central bank governors. These meetings focused on international financial and monetary policies, reform of global financial institutions and world economic development. The first G20 Leaders Summit was held in 2008 in the wake of the crisis. In September 2009, the Pittsburgh summit announced the G20 as the premier forum for international economic cooperation, marking an important step in global economic governance reform. The summits have also invited guest countries and multilateral organizations.