While in some instances this reputation is earned, today I want to provide some arguments in their defence, highlighting that there are a number of circumstances in which one should not be concerned about their presence. In particular, I want to make the point that deficit does not have to equate to imbalance.
The enhanced role of the Global Economy Meeting I just described reflects exactly this recognition. *** Optimal arrangements for global governance are difficult to find. Global governance –like all collective decision-making – always faces a trade-off between efficiency and legitimacy. Therefore, devising institutions for collective decision making is always a delicate balancing act, even more so at the global level.