To be sure, the acknowledgement  2  See, among others, V. Acharya and M. Richardson (eds) (2009): Restoring Financial Stability: How to Repair a Failed System, Wiley, March. 4  BIS Review 135/2010  of the increased role of emerging countries is a trend which precedes the global financial crisis, but that has been made significantly faster, and perceived more pressing, by it.
Global governance – and indeed collective decision making in general –always faces a trade-off between efficiency and legitimacy. With few, homogeneous players around the table, decisions are taken more quickly and perhaps implemented more easily; but they may not be seen as legitimate from those excluded from the same table.