Growing frustration of a number of EMEs with the current framework for global economic governance, has coincided with a proliferation of alternative schemes for international cooperation under the form of bilateral arrangements, regional financial agreements and new multilateral financial institutions. It is difficult not to establish at least some degree of causality between both trends.
The emergence of new sources of international finance, be it at the bilateral, regional or multilateral level, is a welcome development. Global needs of financing for crisis prevention and resolution, and development, are huge and not covered by existing arrangements.