International rules of the game  After this quick snapshot of the changing global landscape I would like to turn now to the implications for the governance of the global system. It is obvious that the systemic changes we are observing in the world’s economic and financial system require systematic changes in the policy framework.
The rules of the game need to adapt in order to keep pace with developments. This recognition is not new. It was felt already in the 1970s with the break down of the Bretton Woods system. And it was felt very strongly in the aftermath of the Asian crisis ten years ago.