ABSTRACT
This chapter identifies a shift in narrative worldview to some extent amongst political leaders, but especially amongst the elite of the world's central banking community, who adjust their policy consensus and champion first-, second- and third-order changes that collectively constitute the beginning of a paradigm shift. It draws upon a series of 34 high-level, qualitative interviews with many of the governmental, central bank and supervisory principals present and active in key decision-making meetings and roles from 2008 onwards. The chapter applies Putnam's two-level game to the Group of Twenty (G20) summits process, and identifies a difference between Putnam's construct in non-crisis periods and when it is applied in a period of economic crisis. It focuses on the narrative shift and technical-level architectural and policy outcomes that were agreed in principle by the G20 but which were designed and executed by a cohesive, elite, central banking community, led by North American and European figures.
