Final answer:
The G20's critical objectives include promoting international financial stability, fostering global economic growth, and addressing broader issues like sustainability and anti-corruption. The G20 functions through annual summits and working groups with no permanent secretariat, influencing globalization and global economic policy.
Step-by-step explanation:
Critical Objectives of the G20
The G20 group of nations, also known as the Group of Twenty, is an international forum for the governments and central bank governors from 19 countries and the European Union (EU). The primary objectives of the G20 are to discuss policy pertaining to the promotion of international financial stability, fostering global economic growth, and addressing issues that go beyond the responsibilities of any one organization. Over the years, their agenda has expanded to include topics like climate change, sustainable development, and anti-corruption measures.
Functioning of the G20 as an Association
The G20 functions by conducting annual summits where leaders, finance ministers, and central bank governors gather to discuss pressing international economic issues. The presidency of the G20 rotates annually among its members, and this country is responsible for hosting the summit and setting the agenda for the year. As an association, the G20 does not have a permanent secretariat or headquarters, but its work is supported by working groups that focus on specific policy areas.
One of the major aspects of the G20's functioning is its influence on globalization and global policy-making. Through collective decision-making and the establishment of global norms, the G20 plays a significant role in shaping the direction of the world economy. In addition to its own initiatives, the G20 engages with various international organizations such as the International Monetary Fund (IMF), the World Bank, and the World Trade Organization (WTO) to implement its objectives.