The hype about the demise of the G7 and the traditional system of financial governance has dominated the media in the last few years. However, the G7 is still going strong and the proposed alternative governance system – the Brics+ bloc – has not become operational. Governance is enacted through multilateral organisations, such as the International Monetary Fund and the International Bank for Reconstruction and Development, through global banks, global financial markets and regulations. G7 still dominates In 1995, the G7’s share of global gross domestic product was 44.9% in purchasing power parity compared to a ... (full story)