“So under my presidency, I intend our country to promote the
imperative of better global governance. The financial and
economic crisis has shown the current institutions’ limitations.
The G20, which had allowed us to respond urgently to the banking
crisis, must again reflect on its role, because we’re a long way
from the essential financial regulation.” François Hollande,
President of the Republic - Paris, 27 August 2012 A. Why the
G20? The G20 was established in 1999 in response to the
financial crises in the emerging countries at the end of the
1990s. It was originally conceived to bring together, once a
year, the finance ministers and the central bank governors of
the industrialized countries and the emerging countries in order
to facilitate international cooperation in the economic field.
Faced with the most serious economic and financial crisis since
the Second World War, the G20 was transformed at the end of
2008, at the instigation of France, which held the presidency at
the time, into an economic stee