The Bretton Woods institutions, and particularly the IMF, underwent profound changes to adapt to the new environment. In addition, new fora have been created in response to the widening of the number of actors in the global economy and the growing importance of international financial markets.
The creation of the G20 in 1999 constituted in my view a decisive and highly welcomed step to reflect adequately the newly globalised economy. The G20 has turned into the international forum for appropriate dialogue and consensus building between all economies that have a systemic influence, whether industrialised, emerging, or in transition.