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Concept
2006 G20 ministerial meeting
Summary
The 2006 G20 Meeting of Finance Ministers and Central Bank Governors was held in Melbourne, Australia between 18 and 19 November 2006. Issues discussed included "the outlook for the global economy; developments in resource markets and ways to improve their efficiency; the impact of demographic change on global financial markets; and further reform of the International Monetary Fund and the World Bank."
The Grand Hyatt Melbourne Hotel on Collins Street was the venue for most of the events and was also the location where most of the dignitaries stayed.
this year countries like Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United Kingdom, America and the European Union
Security throughout Melbourne was extremely tight for the duration of the summit. As of midnight 14 November parking was banned throughout the eastern CBD surrounding the Grand Hyatt.
Concern had been sparked that Victoria Police may be overstretched due to the large number of events in Melbourne that weekend, on top of the G20 summit there was a U2 concert at Docklands Stadium and a Make Poverty History Concert at the Sidney Myer Music Bowl. Victoria Police also warned that protesters may attempt to occupy inner-city buildings, and they recommended "corporations (should) consider hiring extra security."
In a first for the G20 meeting, an elite business group was able to address the Finance Ministers and Reserve Bank leaders. A new organisation, the Energy and Minerals Business Council comprising BHP Billiton, Rio Tinto and many of the world's most powerful mining and oil companies met in the same hotel and could lobby G20 delegates over a business lunch.
The meeting of finance ministers in their communique called for free markets in oil and other forms of energy, and warned that economic policy needed to be tightened to reign in big deficits and 'easy money'. "We need to take advantage of the present strength in the global economy to get policy settings right," they declared in their statement.
Official source
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