G-20 major economies
The Group of Twenty Finance Ministers and Central Bank Governors
is a group of finance ministers and central bank governors from 20 major economies. The members, shown highlighted on the map at right, include 19 individual countries—Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Republic of Korea, Mexico, Russian Federation, Saudi Arabia, South Africa, Turkey, United Kingdom, United States—and the European Union, with Spain participating as a "permanent guest", and further short-term guests named annually by the group's rotating chairperson. The EU is represented by the President of the European Council and by the European Central Bank. Collectively, the G-20 economies account for around 85% of the gross world product, 80% of world trade, and two-thirds of the world population. The G-20 heads of government or heads of state have also periodically conferred at summits since their initial meeting in 2008. The G-20 was proposed by former Canadian Prime Minister Paul Martin as a forum for cooperation and consultation on matters pertaining to the international financial system.