This can be done – indeed, it is being done – by strengthening the mandate of existing international institutions and adjusting existing or developing new informal forums. Overall, the system is moving decisively towards genuine global governance that is much more inclusive, encompassing key emerging economies as well as industrialised countries.
The significant transformation of global governance that we are engineering today is illustrated by three examples. First, the emergence of the G20 as the prime group for global economic governance at the level of ministers, governors and heads of state or government.