Group of Twelve
Encyclopedia
The Group of Twelve or G12 is a group of industrially advanced countries whose central bank
s co-operate to regulate international finance
.
Note that the G12 consists of thirteen countries. The twelve refers to the original ten members of the International Monetary Fund
who formed the original Group of Ten, plus Spain and Australia. When Switzerland joined the Group of Ten in 1984 (and so also joined the G12) the names of the groups were not changed.
Central bank
A central bank, reserve bank, or monetary authority is a public institution that usually issues the currency, regulates the money supply, and controls the interest rates in a country. Central banks often also oversee the commercial banking system of their respective countries...
s co-operate to regulate international finance
Finance
"Finance" is often defined simply as the management of money or “funds” management Modern finance, however, is a family of business activity that includes the origination, marketing, and management of cash and money surrogates through a variety of capital accounts, instruments, and markets created...
.
Note that the G12 consists of thirteen countries. The twelve refers to the original ten members of the International Monetary Fund
International Monetary Fund
The International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
who formed the original Group of Ten, plus Spain and Australia. When Switzerland joined the Group of Ten in 1984 (and so also joined the G12) the names of the groups were not changed.
