Book excerpt: The current system of international governance (including the United Nations, the G7/G8, the WTO, the IMF and the World Bank) is undergoing serious problems in its attempts to address contemporary global challenges, seemingly ill-equipped to bridge growing political and economic divides and to accommodate the needs of emergent markets. Given these developments, some scholars and practitioners argue there is a need to establish new multilateral forums that reflect 21st century realities, such as a new Leaders Summit comprised of the leaders of 20 nations (called L20, an institution that draws its inspiration from both the current G7/8 leaders' meetings and the G20 finance ministers' meetings). This publication explores the changing nature of relationships in a globalised world and considers the role that a L20 grouping could play in bringing about reform of international economic and financial systems.