As a clear display of the shifting balance of economic power, President Hu Jintao of China and President Lula da Silva of Brazil sat either side of Bush. Evidently the world economic order is changing. Emerging economies are catching up with the developed world at great speed.
As a result, preserving monetary and financial stability – the theme of this conference – is an ever more global challenge that requires global cooperation. The financial turmoil has underlined the importance of better coordination among public authorities at the international level.