In this article, We learn about "G10".Let's Go!
G10 represents the "Group of Ten", consisting of 11 industrial countries that meet every year to discuss economic, monetary and financial issues.
The eleven countries are Belgium , Canada, France, Germany, Italy, Japan, Netherlands, Sweden, Switzerland, United Kingdom, and United States.
The G10 finance ministers and central bank governors usually meet once a year during the fall meeting of the IMF’s Interim Committee.
The G10 governors usually meet every two months at the Bank for International Settlements.
G10 representatives meet as needed, but usually two to four times a year. Establish G10 ad hoc committees and working groups as needed.
Officially, the Group of Ten (G10) refers to the group of countries that have agreed to participate in the General Arrangement of Borrowing (GAB).
This is a borrowing arrangement between member countries that can be used if the IMF is unable to fully fund or meet a member's borrowing needs.
GAB was founded in 1962 by the governments of eight IMF member countries (Belgium, Canada, France, Italy, Japan, the Netherlands, the United Kingdom and the United States) and the central banks of two additional countries (Germany and Japan) Sweden agreed to provide resources to the IMF for withdrawals by participants and, in some cases, non-participants.
In 1964, the Swiss Association, which was not yet a member of the International Monetary Fund, strengthened the G10 and expanded its member states to 11, but the name of the G10 remained unchanged.
Since its inception, the G10 has expanded its engagement with the Fund, including issuing reports that culminated in the creation of the Special Drawing Rights (SDR) in 1969. T
The G10 was also the discussion forum that led to the Smithsonian Accords in December 1971 following the collapse of the Bretton Woods system.
The following international organizations are official observers of G10 events: Bank for International Settlements (BIS), European Commission, International Monetary Fund and OECD.
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