G20 Finance Ministers and Central Bank Governors Meeting in Japan
- Minister Morneau meets with G20 Partners
June 7, 2019
Global Korean Post
G20 Finance Ministers and Central Bank Governors Meeting is taking place in Fukuoka, Japan, from June 8 to 9, 2019.
The meeting of G20 Finance Ministers and Central Bank Governors is a precursor to the G20 Leaders Summit, taking place in Osaka later this month.
Finance Minister Bill Morneau is in Fukuoka, Japan, this weekend to meet with his fellow G20 Finance Ministers and Central Bank Governors.
At the meeting, he will share Canada’s progress on strengthening and growing the middle class, and encourage his G20 colleagues to work together to build a global economy that works for more people.
The Asian financial crisis highlighted the necessity to include emerging countries with access to international capital markets in discussions on the international financial system among the G7 countries. Accordingly, at the G7 Cologne Summit in June 1999, the G7 Finance Ministers meeting agreed to set up the G20 Finance Ministers and Central Bank Governors meeting.
The G20 Finance Ministers and Central Bank Governors meeting provides a forum for key countries in the international financial system to discuss major international economic issues and to coordinate to achieve the stable and sustainable growth of the global economy. The meeting has been convened annually since 1999.
Participants in the meeting are: Finance Ministers and Central Bank Governors of the G7 countries (Canada, France, Germany, Italy, Japan, U.K. and U.S.), Argentina, Australia, Brazil, China, India, Indonesia, Korea, Mexico, Russia, Saudi Arabia, South Africa and Turkey; the Finance Minister of the EU presidency country; the European Central Bank (ECB) President; Finance Ministers and Central Bank Governors of some invited countries; and representatives of international organizations including the IMF and World Bank.
Canada has the lowest net debt-to-GDP (gross domestic product) ratio among G7 countries.