The paper argues that the emergence of the G-20 is a result of the financial crisis of 2008. Its composition reflects a new balance of power in the world. The role of emerging markets, in particular China, Brazil and India is increasing, whereas the position of the West is relatively weakened. In so far the G-20 is a historic progress compared to the G-8. Nevertheless the G-20 is still characterised by a democratic deficit. The G-20 also aggravates the marginalisation of the UN, thus weakening democracy in the overall system of global governance.
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