The creation of the informal grouping of the G20 in 1999 is a major change in global governance, fully taking into account the structural transformation associated with the growing importance of the emerging economies.
It was created to examine major economic and financial global issues at the time of the Asian crisis, fully recognising that all economies that had a systemic influence should be partners at the global level. Since 1999 the G20 has turned out to be a very important international policy forum for dialogue and consensus-building among systemically important economies, both industrialised and emerging.