Global economic governance has evolved dramatically in recent years. Emerging and developing countries have risen in importance. Technological change, faster connections and the rising tide of globalisation in general strengthened economic and financial interdependencies on a global scale. At the political and the institutional level, stepping up international cooperation became indispensable. The global economic and financial crisis served as an accelerator for international cooperation and this is when the Group of Twenty (G20) gained significant importance. With swift and decisive actions, the G20 managed to avoid an outright depression during the financial crisis in 2008 and 2009. However, while there was common agreement on what to do when the crisis broke out, since its end the G20 has been struggling to maintain its relevance.

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