ABSTRACT
Over the last two decades, the international context has changed dramatically with the advent of globalisation and the consequent intensification of interdependence among countries, as well as with the rise of new global powers such as emerging economies. The global governance system has failed to keep up with these changes. Its institutions, indeed, have remained largely unchanged over time being unable to fully adapt their structures to the new global environment, to enhance their legitimacy by providing more voice to developing countries, and to act effectively to respond to new global challenges. For example, the five permanent members of the UN Security Council have remained unchanged since their designation more than six decades ago, and emerging and developing countries are still under-represented on the IMF’s Executive Board.
