Why the G20 would matter, it seemed, was that it would be the channel through which the “great powers” set the agenda for change in other global institutions. In November 2008 there was an agreement between the FSF—the global assembly of bank regulators—and the IMF for the FSF to define new standards for financial regulators, for the IMF to oversee their implementation and for all financial organizations to widen their membership to include the assertive new emerging economies.
