Seventh G20 Summit held in Los Cabos, Mexico

The seventh G20 summit took place on 18,19 June 2012.Mexico chaired the summit.The summit took place in the city of Los Cabos in Mexico. It is a twenty member brigade, the  summit includes countries, South Africa, Canada, India, Mexico, United States, China, Japan, South Korea, Russia, Turkey, Argentina, Brazil, India, Indonesia, Saudi Arabia, European Union, France, Germany, Italy, United Kingdom, Australia.The objectives and highlights of the summit is as follows :
THE G 20 DECLARATION
•    The leaders of the world's largest economies will help in boosting growth and job creation to repair the wounded global economy because of  the European financial crisis.
•    The statement also included the importance of easing the Spanish Crisis.
•    The Summit declaration also included investment in infrastructure in the developing countries, this decision would help in achieving global growth which was hauled due to the  falling state of the world economy and the Eurozone crisis.
•    All the Euro members of the G 20 will indulge in necessary policy measures to not only safe guard the integrity, but also stabilize the whole area. This would be done only by breaking the feedback loop between the sovereigns and the banks.
•    The summit has also recognized the progress made by China in market-determined exchanged rates.
•    The summit has singled out Saudi Arabia, by bringing in a Saudi pledge to keep the oil prices at bay and low. This is a step to ensure global economic well being.
•    European Commission President Jose Manuel Barroso and European Council President Herman Van Rompuy asked markets to focus on a European summit at the end of the month. It would eventually help the continent move deeper and help the economic and political integration to match its single currency.
•    The 14-page statement emphasized the need for growth because this is the only way they will solve the debt problem of the Eurozone.
•    The non-European members of the G20 have sent a message to Europe that it has to find a way that the Eurozone’s finances can be supervised by a triumvirate comprising the European Central Bank, the IMF and the EU.

INDIA'S CONTRIBUTION
•    Owing to the debt loaded 17 nation Euro zone, India on 19 June 2012 announced a $10 Billion contribution to the already existing IMF’s $430 Billion financial money.
•    The announcement was made by Manmohan Singh, Prime Minister, India in the Seventh Summit, G 20 , Mexico.
•    The amount was contributed to the International Monetary Fund (IMF) for the bailout fund, that would help them ease off a little burden from the debt scenario.

Seventh G 20 and G 20’s history
•    The seventh G 20 take took place in the Mexican resort of Los Cabos. The seventh summit was headed by  Mexico’s President, Felipe de Jesús Calderón Hinojosa.
•    The G 20 comprises the heads of the State or the Government.
•    The G 20 was first proposed by former Prime Minister of Canada, Paul Martin.
•    The next G20 Summit is scheduled in 2013 with Russia as the new chair.

The Group of Twenty, or G20, is the premier forum for international cooperation on the most important aspects of the international economic and financial agenda. It brings together the world’s major advanced and emerging economies.The G20 includes 19 country members and the European Union, which together represent around 90% of global GDP, 80% of global trade and two-thirds of the world’s population.The G 20 started in the year 1999, but it has been regular only since 2008.