Group of Ten (G-10)
Groupe des Dix
Grupo de los Diez
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Founded
1962
History
1962, as an informal group of countries or participating institutions contributing to General Arrangements to Borrow (GAB). GAB Arrangements were established in 1962 by a Decision of the Executive Board of F-XF2266 - International Monetary Fund (IMF), with the purpose of increasing the potential lending resources of the IMF. They established quotas for each participant, fixing the maximum amount it is prepared to lend. The expression 'Group of Ten' - or Group of 10 - is usually used to refer to the same group of countries or participating institutions as the contributors to the GAB, meeting in a much wider capacity, as the group of major industrial countries which have a key role in the international monetary system and therefore a special responsibility concerning the problems relating to the functioning and structure of the system. In this capacity they began to meet in 1962 to carry out a thorough examination of the international monetary system. This examination led to the proposals in 1966 to create a new reserve asset, the Special Drawing Right (SDR). In 1983, the participants decided to revise and enlarge the GAB. Revisions became effective 26 Dec 1983 and provide for a substantial increase in lines of credit available to the IMF; the amounts are fixed in SDRs. They also permit the IMF, under certain circumstances, to extend GAB resources to members which are not GAB participants; they permit certain borrowing arrangements between the Fund and non-participating members to be associated with the GAB.
Events
2 past events available with paid subscription only.Structure
Meetings are held at two levels. At ministerial level the meetings (usually twice a year) are attended by: Finance Minister and Governor of the Central Bank of each country, Managing Director of IMF, Secretary-General of OECD, General Manager of Bank for International Settlements (BIS), President of European Commission, Chairman of the Working Party No 3 of the Economic Policy Committee of OECD and Chairman of the Deputies of the Group of 10. At the 'Deputy' level, each country or participating institution is represented by a high-level civil servant from its finance ministry and central bank. Representatives of the staff of IMF, the Secretariat of OECD, the staff of BIS and European Commission also attend. Reports are presented at meetings of E-XE8249 - International Monetary and Financial Committee (IMFC). F-XF2680 - Group of Five (G-5) refers to occasional meetings of Ministers of Finance of the 5 most industrialized G-10 members; when joined by Finance Ministers of Italy and Canada, referred to as H-XF2036 - Group of Eight (G-8). A wider and more representative H-XF4647 - Group of Twenty-Two (G-22) has been proposed by the USA and some other members.
Relations with Inter-Governmental Organizations
Available with paid subscription only.Relations with Non-Governmental Organizations
Available with paid subscription only.Publications
Available with paid subscription only.Members
Available with paid subscription only.Type I Classification
Available with paid subscription only.Type II Classification
Available with paid subscription only.Subjects *
Available with paid subscription only.UN Sustainable Development Goals **
UIA Org ID
XF1004
Last News
2008
** UN SDGs are linked to the subject classification.
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