What we have been observing since the unprecedented financial market tensions in mid-2007, is not merely the unfolding of a global financial and economic crisis. We have been observing the emergence of a new global order, which is occurring at a faster pace than was anticipated prior to the crisis. The exact form this new world will take is unclear.
But the need for sound global governance, which we will discuss today and tomorrow, is becoming ever more apparent. On the economic front, several important changes have already occurred. The G20 has replaced the G7 as prime forum for international economic cooperation. The Financial Stability Board has been established to address vulnerabilities and develop regulatory and supervisory policies conducive to global financial stability.