Geopolitics, Global Governance and Crisis Narratives

The financial crisis demonstrated a new quality of interconnected vulnerabilities across the globe. Yet, increased interdependence may lead to increased friction rather than common problem?solving or a shared outlook. This article is concerned with the prospects for future reform of global economic governance, taking as a starting point the apparent shift from the G8 to the G20 as the focal forum for reform. We show that (1) the crisis both reflects and propels important geopolitical change and that (2) interpretations of the crisis differ widely, leading to diverging ideas of different actors about each other and about future reforms. We then consider some implications, notably with regard to the utility of summit?level diplomacy and the transfer of responsibilities to controversial institutions, all within an environment marked by ongoing uncertainty.