G-20 Summits

• First G-20 summit was held in Washington DC on November 14–15, 2008 and it was hosted by George W. Bush, then US president.
• Second G-20 Summit was held in London in April 2009, and was hosted by Gordon Brown, then PM of UK.
• Third G-20 Summit was held at Pittsburgh in United states in September 2009 and was headed by Barak Obama, US President.
• Fourth G-20 Summit was held at Toronto in June 2010 and was hosted by Stephen Harper, Current Prime Minister of Canada.
• Fifth G-20 summit was held recently at Seoul on November 11 and 12 and was hosted by Lee Myung-bak, Current President of South Korea.
• Sixth G-20 summit will be held at Cannes, in France.

Most Important Outcomes of Previous the G-20 Summits:

First G-20 summit, Washington, November 2008:

1. The G-20 came to the forefront and it was hailed for the first time as Bretton Woods II.
2. The outcome was a Washington declaration which reached a common understanding of the root causes of the global crisis.
3. India welcomed this meeting as first time there was a genuine dialogue between many of the developed countries and the emerging economies.

Second G-20 Summit: G-20 London Summit, April 2009:

1. It is called "London Summit"
2. Its agenda was reforms in the International Monetary Fund (IMF), the Financial Stability Forum (FSF) and the World Bank.
3. The countries reached at an conclusion of providing US$1.1 trillion stimulus to various programs designed to improve international finance, credit, trade, and overall economic stability and recovery. Which included:

• US$500 billion increase in the resources pledged by members to the New Arrangements to Borrow, a facility for the IMF to lend money to struggling economies,
• US$250 billion for increasing trade finance,
• US$250 billion allocation of Special Drawing Rights (SDR) which give IMF members the right to drawn down foreign currency in a crisis,
• US$100 billion in commitments for the multilateral development banks to lend to poor countries.

Third G-20 Summit: G-20 Pittsburgh summit

1. IMF reforms were radically discussed.
2. G-8 was superseded by G-20 and the G-20 became new permanent council for international economic cooperation

Fourth G-20 Summit: G-20 Toronto Summit

1. A decision for reducing debt-to-GDP ratio in each economy by 2016 by taken.
2. A key agreement the leaders of deleveloped nations made was to cut annual budget deficits in half by 2013.
3. Institutions would be required to keep a higher amount of financial capital in case of future financial shocks.
4. Green growth was discussed.

Fifth G-20 Summit:

The Fifth G-20 summit took place in Seoul, South Korea on November 11–12, 2010. The summit was aimed as safeguarding the global economic recovery and defusing trade and currency tensions.

• The theme was "G-20's Role in the Post-Crisis World.
• The Seoul Summit was the first G-20 Summit outside a G-8 country, and the first in Asia .