Decentralizing finance: New steps for a new dance

Abstract

Every economic crisis buries somepractices and gives rise to new ones.What we see today is a move away from what Robert Wade called the "High Command" of global finance and the rise ofless formalized institutions. The G20 may be one of these. So far, the G20 summit agenda has focused heavily on the question of the regulation of internationalfinancial markets. In addition, the G20 leaders made a commitment at their first summit in November 2008 to press o with the reform of the Bretton Woods institutions in order to give greater voice and representation to emerging and developing economies.