January 19-20- 2012 ~ Mexico City - G20 Meeting of Deputy Ministers of finance (to Jan. 20). ** ...Welcome from the Mexican G20 presidency
Mexico is very honored to chair the Group of Twenty in 2012.
The G20 was established in 1999, in the wake of the 1997 Asian Financial Crisis, to bring together major advanced and emerging economies to stabilize the global financial market. Since its inception, the G20 has held annual Finance Ministers and Central Bank Governors' Meetings and discussed measures to promote the financial stability of the world and to achieve a sustainable economic growth and development.
To tackle the financial and economic crisis that spread across the globe in 2008, the G20 members were called upon to further strengthen international cooperation. Accordingly, the G20 Summits have been held in Washington in 2008, in London and Pittsburgh in 2009, and in Toronto and Seoul in 2010.
The concerted and decisive actions of the G20, with its balanced membership of developed and developing countries helped the world deal effectively with the financial and economic crisis, and the G20 has already delivered a number of significant and concrete outcomes:
First, the scope of financial regulation has been largely broadened and prudential regulation and supervision have been strengthened. There was also great progress in policy coordination thanks to the creation of the framework for a strong, sustainable and balanced growth designed to enhance macroeconomic cooperation among the G20 members and therefore to mitigate the impact of the crisis. Finally, global governance has dramatically improved to better take into consideration the role and the needs of emerging of developing countries, especially through the ambitious reforms of the governance of the IMF and the World Bank.
Building on these important progresses, the G20 has now to adapt to a new economic environment. It must prove that it is able to coordinate the economic policies of major economies on an ongoing basis. We believe indeed that today's key economic challenges require a collective and ambitious action which the G20 is able to impulse.
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