| Summary: | The global financial crisis of 2008, with its detrimental effects on the global economy, was the starting point of a transformation of the global governance landscape. This fluid political and economic global environment seems to be leading to the enhancement of the position of regional powers, especially within the developing world. Hence, the importance of Brazil, Russia, India, China, and, to some extent, South Africa, within the global governance structure has increased. This rise of importance is derived from the enhancement of the economic capabilities of these powers and the fact that economic interdependence has rendered the world more sensitive to the economic policies of these nations. What is even more significant is the fact that these emerging powers have initiated a process of conducting regular meetings for the purpose of discussing and coordinating their actions related to global issues. The BRIC(S) meetings seem to be acting as a power multiplier, leading to enhanced pressure on developed countries to accept some proposals from the BRIC(S) countries. This development enhances the effectiveness of global governance structures while also legitimizing the notion of a new global governance structure. It is yet to be shown, however, whether the new rising powers will eventually challenge existing global governance structures or be fully integrated into them.
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