The 2008 Financial Crisis and the Consolidation of the G20

The 2008 international financial crisis changed the structure of the G20. The summit held that same year was elevated from a meeting of ministers and central bank governors to leaders’ level, with the participation of heads of state and government. The crisis had revealed just how economically interdependent the world had become, resulting in greater equality within the Group, due to its recognition of the growing importance of emerging economies. The G20 gradually evolved into the world’s leading economic forum, which, while lacking an administrative structure, aims to coordinate the strategies of developed and non-developed countries, and revitalize multilateral cooperation mechanisms through informal debate.