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Group of Twenty (G20)
The G20 is an informal forum originally created in response to the financial crises of emerging economies in the late 1990s. In 2008, the G20 increased in importance and upgraded itself as it generated a coordinated response to the severe international financial crisis unleashed in developed countries. Today, the G20 is the premier forum for international economic coordination. The G20 is made up of the world's 20 main economies, both developed and emerging. Its purpose is to promote global economic cooperation. At the core of its broad agenda are macroeconomic and financial issues, with the aim of promoting strong, sustainable and balanced global growth. To achieve this goal, the G20 is engaged in a revision of the international financial architecture as well as in the design and implementation of a number of regulatory initiatives, among which it is worth highlighting those aimed at ensuring more transparency and more effective and responsible functioning of financial markets, including international financial institutions (banks, insurance companies, and others).
Furthermore, the G20 encourages the coordination and implementation of development policies with a view to reducing the existing development gap at global level, optimizing coordination of financing for development to conduct infrastructure projects, promoting world food security, optimizing the mobilization of domestic resources —which involves reducing tax evasion fostered by the so-called tax hideouts—, promoting job creation and the implementation of social inclusion policies, and fighting against corruption, among other priorities.
The G20 process has a group of sherpas —headed by the Ministry of Foreign Affairs— and a finance group —headed by the Ministry of Finance— which work permanently in a coordinated manner on the preparation and follow-up of the issues and commitments adopted at the main event: the Leader's Summit, which is held annually. The channel of sherpas coordinates the participation of Argentina and addresses issues like development, trade, labour, agriculture, energy, food security and anti-corruption policies, among others. It also deals with internal aspects, such as G20 procedural rules. The finance channel focuses on economic and financial matters.
The agenda is further developed through the organization of ministerial encounters, such as the meetings of Finance Ministers and Central Bank Governors and the ministerial meetings on labour and agriculture, among others. Argentina's participation in the G20 is organized in close coordination with several offices of the Ministry of Foreign Affairs jointly with the Ministry of Finance and the Central Bank, as well as with the Ministry of Agroindustry, the Ministry of Labour and Social Security, and other federal government entities.