While Madrid avoids the bailout route, the problems in Greece are still haunting Europe's single currency, more than two years after Athens received its first multi-billion-euro rescue. Greek officials are locked in tough negotiations with European Union and IMF auditors over austerity measures Greece must take in return for a bailout payment it needs to avoid defaulting on its debt.
While the fiscal situation in the United States is also a major concern, officials do not expect any movement on that front until after Tuesday's US presidential election.
The White House and Congress need to find a compromise by the end of the year to avoid a "fiscal cliff" of automatic spending cuts and tax hikes, which experts say could hurt the US economy and curb global growth.
The meeting is a follow-up to a June summit, when G20 leaders vowed to co-ordinate "fiscal actions" to boost domestic demand if economic conditions deteriorated.
Since then, the IMF slashed its 2012 global growth forecast to 3.3 percent, eurozone unemployment rose to a record 11.6 percent in September and growth decelerated in emerging nations.