Global Swing States and the Financial Order
The financial crisis of 2008 was a catalyst for change, but the evolution of the global financial order remains incremental. The pace of change, in part, will reflect the collective desires and objectives of the “global swing states” — Brazil, India, Indonesia, and Turkey. Presently, these four nations remain concerned by elements of the existing financial order. However, they are not keen to see a complete overhaul of the existing structure. Change will occur gradually, which will give the United States and Europe valuable time to engage the global swing states in crafting a more inclusive financial architecture, one fully supported by developed and developing countries alike.