The world's leading economies have begun a summit in South Korea, with currency policies set to dominate the agenda.
Ahead of the meeting, US President Barack Obama urged leaders to work together for global economic recovery.
He also defended the US's policy of pumping $600bn into the economy.
"In a prudent, stable way, we want to make sure that we are boosting growth rates at home as well as abroad," Mr Obama said of the policy announced last week designed to kick-start the US economy's fragile recovery.
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It was formed in 1999, and held its first meeting that year.
Until 2008 the G20 was overshadowed by the smaller G8 grouping of France, Germany, Italy, Japan, the UK, the US, Canada and Russia.
However, this has changed since the global financial crisis of 2008, and the G20 has effectively now replaced the G8 as the main global economic forum.
The major growth in the economies of G20 members China, India and Brazil has also contributed to the rising importance of the grouping.
The G20 currently meets twice a year, but this is set to reduce to one meeting from 2011.
What is the G20?
The G20 group comprises the world's 19 leading national economies, plus the European Union.It was formed in 1999, and held its first meeting that year.
Until 2008 the G20 was overshadowed by the smaller G8 grouping of France, Germany, Italy, Japan, the UK, the US, Canada and Russia.
However, this has changed since the global financial crisis of 2008, and the G20 has effectively now replaced the G8 as the main global economic forum.
The major growth in the economies of G20 members China, India and Brazil has also contributed to the rising importance of the grouping.
The G20 currently meets twice a year, but this is set to reduce to one meeting from 2011.
"It is difficult to do that if we start seeing the huge imbalances redevelop that helped to contribute to the crisis that we just went through."
The US and South Korea also announced that they had failed to seal a free trade deal, in talks ahead of the main G20 meeting.The pact was agreed three years ago, but has since stalled over US lawmakers concerns about access to South Korean markets for US beef and cars.
"We agreed that more time is needed to resolve detailed issues and asked trade ministers to reach a mutually acceptable deal as soon as possible," South Korean President Lee Myung-bak said after meeting the US president.
He also said the US remained open to negotiations with North Korea to end its nuclear programme as long as Pyongyang showed "seriousness of purpose".
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