It was, in fact, triggered by an earlier crisis, the Asian crisis of 1997. Although, it has been meeting regularly since 1997, it acquired a higher profile and credibility in the aftermath of the global financial crisis during which time it was elevated from a Finance Ministers’ forum to a Leaders’ forum.
2  BIS central bankers’ speeches  The chair of the G 20 rotates every year from country to country. The chair country takes the lead in formulating and driving the agenda. The G 20 leaders meet at the summit level once a year.1 Besides, the Finance Ministers and central bank governors of G 20 meet twice a year.