It is therefore not surprising that the crisis has led to a clear recognition of their increased economic importance and to their full integration into the institutions of global governance, notably with the breakthrough of the G20. The G20 has been effective in addressing the global crisis.
While globalization has affected different countries to varying degrees, it has brought many benefits to the world economy - including increased trade, broader sources of financing, and more rapid diffusion of technology. But globalization has also left countries more exposed to developments beyond their borders. From a central bank perspective, globalization has made the conduct of monetary policy somewhat more challenging.