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In response to the series of debt crises prevalent across emerging markets in the late 1990s, a permanent group of major world economies, known as the G20 (Group of Twenty nations), was formed in 1999 to promote international financial stability. G20 leaders hold annual summits, where they discuss trade and economic policy-related issues among member countries. Since 2008, however, the group’s agenda has expanded given the increasingly fluid nature of the world economic activities.