When it comes to naming things with letters and numbers (see also: Nissan 370Z, Xbox 360 etc.) the G-20 might just take the cake: it sounds ominous and wields a lot of influence.
Despite sounding like an American rap group, the G-20 is actually a coalition of 19 countries and the European Union. It was established in 1999 "to bring together systemically important industrialized and developing economies to discuss key issues in the global economy," according to g20.org--the official website of the G-20.
Even though the world has 266 countries (or as the The World Factbook likes to call them, "world entities"), apparently only 20 are cool enough to get into this G-Unit. According to g20.org, that's because the 20 member countries "represent around 90 per cent of global gross national product, 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world's population."
The other 246 world entities are left out in the cold. This economic snobbery, in part, inspires groups to protest G-20 summits, even though the G-20 has representatives from every continent (except Antarctica). So every region is represented--albeit by the economically powerful countries.
The latest G-20 summit was held in Pittsburgh last week. (For more explanation on why world leaders met in an American steel town, read this.) The purpose of the meeting, chaired by President Obama, was to discuss "further actions to assure a sound and sustainable recovery from the global financial and economic crisis," according to g20.org. To find out more specifics on what was discussed, read the Leader's Statement.
You now have permission to consider yourself educated on what the G-20 is and what it does. My job is complete.
--Jens
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