UPSC Prelims Marathon Quiz

Statement 1 is incorrect. The G20 was formed in 1999 (and not after the 2008 financial crisis) with the aim of discussing policies in order to achieve international financial stability. This forum was formed as an effort to find a solution to the global economic conditions hit by the global financial crisis in 1997-1999 by involving middle-income countries and having systemic economic influence, including Indonesia.

Statement 2 is correct. The G-20's ranks include all members of the Group of Seven (G-7), a forum of the European Union and the seven countries with the world's largest developed economies: France, Germany, Italy, Japan, the United States, the United Kingdom, and Canada. Formed in 1975, the G-7 meets annually on international issues, including economic and monetary matters.

Statement 3 is correct. The presidency of the G20 rotates every year among its members, with the country that holds the presidency working together with its predecessor and successor, also known as Troika, to ensure the continuity of the agenda. Currently Italy, Indonesia, and India are the Troika countries. The G20 has no permanent secretariat. Agenda and the work coordination is completed by G20 leaders’ personal representatives, known as sherpas together with finance ministers and central bank governors.