They define ideal global governance as such:

The ideal of global governance is a process of cooperative leadership that brings together national governments, multilateral public agencies, and civil society to achieve commonly accepted goals. It provides strategic direction and then marshals collective energies to address global challenges. To be effective, it must be inclusive, dynamic, and able to span national and sectoral boundaries and interests. It should operate through soft rather than hard power. It should be more democratic than authoritarian, more openly political than bureaucratic, and more integrated than specialized.

The G8 can be seen as the embodiement of such an ideal. They are a symbol of cooperative leadership, provide strategic interataction and can marshall collective energies. They operate through soft-power. However, due to demographic changes, changed in demand in energy commodities and global health challenges, the authors claim that the G8 is not representative anymore.

The first and most important front is to reform the process by which national political leaders come together at the summit or ministerial level to discuss common concerns. [...] Because the only truly powerful group—the G-8 summit—is composed exclusively of rich, industrial countries, mostly from the North Atlantic, there is a “democratic deficit” in the current summit grouping and, as a consequence, a void at the apex of the international system.

Unfortunately,the authors do not acknowledge that cooperation between the G8 and Emerging Economies are using a wide variety of channels. There is extensive cooperation through the BIS-hosted institutions, through the OECD and the FATF, through various governmental summits. The Heiligendamm Process of further cooperation with the O5 is an example of how governance is increased without changing the institutional composition of the summit itself.

• IMF: “ABS in Emerging Markets: Recent Trends and Policy Implications”
• Capital Markets Consultative Group (CMCG): Study about the Impediments to development of emerging capital markets
• IMF: “Derivatives in Emerging Markets: Recent Trends and Policy Implications for Capital Markets”
• IMF and World Bank: Study about Economic Transmission Mechanisms and the impact of the current turmoil on the local bond markets.
• Working Group on Securities Databases: Report about September 2007 Meeting
• World Bank: Study about Regionalisation of East-African Securities

The overview-report looks at the problems identified by the G8 Action Plans, Task delegated to various institutions and results given from the implementation report. It is subdivided into ten sections:

• General Provisions
• Market Infrastructure
• Securitization Markets
• Public Debt Management
• Broadening and Diversifying the Investor Base
• Developing of derivative and swap markets
• Promoting Regional Initiatives
• Broadening the Database
• Developing bond markets in less-developed countries (especially Sub-Saharan Africa)
• Techical Assistance

The G8 Action Plan was mentioned in the recent report of the G8 Finance Ministers Meeting in Osaka, Japan, but also in various other conferences:

• High Level Workshop 2007 Developing Bond Markets in Emerging Market Economies, Frankfurt, May 10, 2007
• G8 Conference on Bond Markets in Emerging Economies and Developing Countries, Frankfurt, 31 January 2008
• Second OECD Forum on African Public Debt Management, 12-13 December 2007, Amsterdam
• World Bank Debt Management Stakeholder’s Conference, Oslo Norway, March 5-6 2008

A list of further documents can be found in the report, further entries will be added in the future.