G-20 is an informal group consisting of 19 countries and European Union. It was created on the suggestion of G-7 Finance Ministers after the result of economic recession of 1998-99 at Cologne Summit of June 18, 1999. On the whole, this was one of the steps taken by World powers to recover from the losses of World wars followed by consecutive events of economic recession and a burgeoning human population.

Its first inaugural meeting took place on 15-16 December 1999 in Berlin and first summit was called by U.S President Bush in November 14-15, 2008 in response to Great Recession (Global Financial Crisis of 21st century) thus giving it proper legitimacy for defining economic horizons of the world.

G-20 comprises countries which account for 85 percent of Gross World Product including Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, the United Kingdom and the United States—along with the European Union (EU). The EU is represented by the European Commission and by the European Central Bank. Meeting is usually held between head of governments and governors of central banks. Separate meetings among finance ministers of member states are also being held.

Purpose of G-20 was to develop more robust and broader consensus by developing an informal mechanism of dialogue among major countries of the world, within the framework of the Breton Woods Institutional system. Although, its legitimacy is questioned by many due to its exclusivity and under-representation of African countries yet it could play a better role than G-8 (G-7 now) as it has wider range of regions involved.

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