The G20 is an informal organisation which serves as a forum for the discussion of key issues in economic and financial policy. The decision to establish it was taken at a meeting of finance ministers and central bankers at the G7 in 1999 in Washington, in order to facilitate joint efforts to combat the global financial crisis of the late 90s.
The members of the G20 are Argentina, Australia, Brazil, Great Britain, Germany, India, Indonesia, Italy, Canada, China, Mexico, South Korea, Russia, Saudi Arabia, USA, Turkey, France, South Africa, Japan and the European Union, represented by the current country that holds the presidency.
In his speech at the summit Dmitry Medvedev laid out Russia's proposals to reform the global financial system.
Following a working session summit participants adopted a summit declaration containing, among other things, general principles for reforming financial markets, sections on reinforcing international cooperation and on reforming international financial institutions.