We did not have the benefit of some of the recent studies of course, debating the relative merits of price stability and ‘low but positive’ inflation rates (often associated with the names of economists such as Paul Krugman, and Akerlof, Dickens, and Perry).
It has to be said that the G20 is not a totally new informal institution. It actually came into being at the end of the 1990s as a reaction to the Asian crisis and also proved to be very useful at that time. But now it has made a clear jump in quality, complementing very significantly the G7 or the G8.