Emerging markets, accounting for one third of global output, play an increasingly important part, and it is for this reason that the G20 has assumed a leading role as a forum for global co-ordination.
See,  respectively, Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, and Office of Thrift Supervision (2009), “Agencies to Begin Forward-Looking Economic Assessments,” joint press release, February 25; and Board of Governors (2009), “Federal Reserve, OCC, and FDIC Release Results of the Supervisory Capital Assessment Program,” press release, May 7.