This new style of international governance had been in the making for some time. The bigger EMEs, particularly the BRICS,2 were growing at a much faster pace than OECD countries for a long time, and were becoming increasingly systemically important. It became clear that for any multilateral economic consultative process managing globalization to be effective, their inclusion in the process was imperative.
Even prior to the global crisis, the G 8 found it expedient to invite the big emerging economies – the G 5 (Brazil, India, China, Mexico and South Africa) – to their Summits as special invitees, but only to select sessions in what was termed the Heligandamm process.