Advanced Economies and Emerging Markets

CHAPTER 1

The Influence of the G-7 Advanced Economies and G-20 Group

Overview

When we think of the G-20 countries, whose summit took place in St. Petersburg, Russia, on September 5–6, 2013, we should think about the group of 20 finance ministers and central bankers from the 20 major economies around the world. In essence, the G-20 is comprised of 19 countries plus the European Union (EU), represented by the president of the European Council and by the European Central Bank (ECB). We begin this book discussing the importance and influence of the G-20 because, not only does this group comprise some of the most advancing economies in the world, but also because collectively these 20 economies account for approximately 80 percent of the gross world ...