As of 2015, members of the G-20 include Australia, Brazil, Republic of Korea, China and Germany. Other members include the Russian Federation, South Africa, United Kingdom, United States and the European Union.
The G-20 is a group of finance ministers and central bank governors from 19 countries that represent some of the largest economies in the world and the European Union, which is represented by the rotating Council presidency and the European Central Bank. Other member countries include Germany, Turkey, Mexico and Brazil. It was formed in 1999 following the Asian financial crisis and evolved to become a forum for representative nations to discuss major issues that affect the global economy. A central mandate of the G-20 is to study and promote growth, economic development and financial stability around the world.
Member nations typically meet annually, but during the financial crisis of 2009 and 2010, they met twice each year. Finance ministers and central bank governors regularly meet to propose solutions to improve the world economy, reform and improve financial institutions and implement economic reforms. The organization was instrumental in managing the 2008 world financial crisis by instituting actions and policies that boosted consumer and business confidence, avoiding a widespread and significant financial meltdown.