In other words, the nature of today’s challenges underscores the need for a framework of global governance with a much higher level of cooperation and, consequently, a level playing field. •  The GFC brought to the forefront many of the limitations of the governance framework in place.
To start with, it showed that contrary to the then prevailing views, advanced economies (AEs) are at least as vulnerable to crises as EMEs. It also made clear that no effective mechanisms were in place to ensure consistency between the economic policies in the main advanced countries and global economic and financial stability.