The crisis poses with particular urgency the question of the function of a global governing body. The G20 has established itself; its relation with other governing bodies, and with the ‘Bretton Woods’ institutions, however, remains hazy. Its intended purpose, the weight of each governing body and the role of regional groups (particularly the European Union) have yet to be clearly defined. The influence of emerging countries must be reinforced but that alone will not suffice to define a new global architecture.