Indeed, the decision to switch towards the enlarged composition of the G20 (as opposed to the G7) and the parallel broader country representation in the FSB are themselves an acknowledgement of the forces of globalisation and financial integration.
It can be safely argued that the current framework for decision-making at a global level explicitly recognises the fundamental role played by new countries and markets in the global economy as well as the existence of a complex, if somewhat fragile, web of interconnections between economies, markets and institutions.