What is the G20?
It stands for the Group of 20 nations – an international grouping of the world's 19 largest national economies and the European Union. Together, the G20 countries are responsible for more than 85pc of the world's gross domestic product.
How does it differ from the G8?
The G8 is a group of largely Western economies, plus Russia. The G20 is clearly much larger, and encompasses emerging economic powers such as Brazil and India.
Why were the G20 meeting this weekend?
The G20 came together in Washington to discuss the global financial crisis; to work out what had gone wrong in the first place, and to try and stop it from happening again. European leaders, led by French president Nicolas Sarkozy, pushed US President George W. Bush to hold the meeting.
What were the outcomes?
The assembled world premiers promised bold moves in a large number of areas – from increased oversight of banks to reform of some global financial institutions such as the World Bank – as well as agreeing with Prime Minister Gordon Brown's call of the need for concerted interest rate and tax cuts.
What does that mean for the man on the street?
The UK economy has already received stimulus in recent weeks, after the Bank of England cut interest rates to 3per cent. In addition, there are clear signs that the Treasury will be providing further stimulus through various tax measures to be disclosed in next week's Pre-Budget report.
Should the rest of the G20's outcomes be ignored, then?
No. The purpose of the G20's meeting was to begin to ensure that the global economy is placed on a sounder footing for the future, which of course matters to everyone. It has also called for the resumption of the so-called "Doha round" of world trade talks, which are important in increasing global trading links and decreasing protectionism.
What happens next?
The G20 leaders have essentially instructed their finance ministers, central banks and financial regulators to analyse and review a series of key measures on all these areas, and to report back by the end of March,
So this was just a first step?
Yes, but an important one, as it provides momentum to help to heal the world economy. The UK is the next president of the G20 – a position it will hold for the whole of 2009 – and as a result the next leader's summit is set to be held in the UK, in London, by the end of April.