The G20 is a global bloc composed by the governments and central bank governors from 19 countries and __________.

The correct answer is European Union (EU).

Key Points

• The G20 (Group of Twenty) is a global forum comprising 19 individual countries and the European Union (EU) as the 20th member.
• The European Union (EU) participates in the G20 as a supranational organization, representing its 27 member states collectively.
• The G20 was established in 1999 to address major global economic issues, including financial stability, climate change, and sustainable development.
• The EU is represented in the G20 by the European Commission and the European Central Bank (ECB), highlighting its significant role in global economic governance.
• The G20 members account for around 85% of global GDP, 75% of global trade, and two-thirds of the world's population.

Additional Information

• European Union (EU)
  • The European Union is a political and economic union of 27 European countries that are located primarily in Europe.
  • The EU has its own currency, the Euro, which is used by 20 of its member states (referred to as the Eurozone).
  • The EU is responsible for policies in areas such as trade, agriculture, fisheries, and regional development.
  • It plays a major role in global economic policymaking, environmental sustainability, and international trade negotiations.
• History of G20
  • The G20 was established in 1999 in response to the financial crises of the late 1990s.
  • It includes major advanced and emerging economies to foster global economic stability.
  • Initially, it was a meeting of finance ministers and central bank governors, but it was elevated to a leaders' summit in 2008 during the global financial crisis.
• Functioning of G20
  • The G20 does not have a permanent secretariat; instead, its agenda is set by the presidency, which rotates annually among members.
  • The presidency is responsible for organizing meetings, coordinating policy discussions, and drafting the final communiqué.
• Key Initiatives of G20
  • The G20 focuses on issues such as sustainable development, climate change, global health, and digital transformation.
  • It has played a significant role in coordinating global responses to economic crises, including the 2008 financial crisis and the COVID-19 pandemic.