Therefore, devising institutions for collective decision making is always a delicate balancing act, even more so at the global level. The international community has agreed that, from now on, the G20 is the main forum for international economic cooperation and it includes 11 emerging economies. The G7 still has a meaningful role to play in particular in the area of floating currencies.
To be sure, the G20 has already been in existence for over a decade. The main innovation is to make it as the key informal forum for strategic global impulse at the level of the leaders as well as at the level of Ministers and Governors.