Davos Annual Meeting 2011 – Nicolas Sarkozy – Vision for the G20
The G20 was created in December 1999 in response to the financial crises affecting the emerging countries in the late 1990s. The initial aim was to have the finance ministers and central bank governors of the industrialised and emerging countries meet once a year to facilitate international economic policy cooperation.
Confronted with the deepest economic and financial crisis since World War II, the G20 went into high gear in late 2008 at the initiative of France, the holder of the rotating EU presidency at the time. What emerged was an economic steering body that brought together the world’s major political leaders at the highest level. At the pioneering Washington Summit in November 2008, heads of States and governments agreed on an extraordinary plan of action to prevent the financial system and the global economy from collapsing.