The G-20 (more formally, the Group of Twenty Finance Ministers and Central Bank Governors) is a group of finance ministers and central bank governors from 20 economies: 19 of the world's largest national economies, plus the European Union (EU).

The G-20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20 helps to support growth and development across the globe.

The G-20 believe that they have a crucial role in driving forward work between advanced and emerging economies to tackle the international financial and economic crisis, restore worldwide financial stability, lead the international economic recovery and secure a sustainable future for all countries.

The G20 pledges to:

• restore confidence, growth, and jobs;
• repair the financial system to restore lending;
• strengthen financial regulation to rebuild trust;
• fund and reform our international financial institutions to overcome this crisis and prevent future ones;
• promote global trade and investment and reject protectionism, to underpin prosperity; and
• Build an inclusive, green, and sustainable recovery.

The G20 has 4 groups currently working to reach these objectives:

Working groups:

•      G-20 Working group 1: Enhancing sound regulation and strengthening transparency

•      G-20 Working group 2: Reinforcing international cooperation and promoting integrity in financial markets

•      G-20 Working group 3: Reform of the IMF

•      G-20 Working Group 4: The World Bank and other multilateral development banks

France and Germany have typically sought out tougher regulation of financial markets compared to Britain and the United States. Nicolas Sarkozy has cranked up the pressure before the G20 summit, suggesting he could walk out if his calls for tighter global financial regulation are not met.

The French president will hold a series of meetings and make several public declarations to stress to Britain and the US that hard measures must be taken to create new rules on capitalism.

www.g20.org