ABSTRACT. The governance system that the current process should design must be based on representative institutions, not on any G, which will always face problems of legitimacy. This process should place at the center of the debate the discussion of voice and representation of developing countries in international economic decision making and norm setting. The global recession now under way calls for a strong policy response. This means clear expansionary monetary, credit and fiscal policies in all industrial countries. (pp. 15–25)

JEL: E52, O20, Q01, P11