Global governance of security, finance, trade, the environment, and health has been recognised as an important and difficult challenge for two decades, since the Asian Financial Crisis in 1997. Global governance involves cooperative leadership by national governments, multilateral public agencies, and civil society, to achieve common goals by providing strategic direction, and marshalling collective energy to address global challenges. In this essay from Finance and Development, published in December 2007, James Broughton and Colin Bradford argued that the sectoral focus of multilateral institutions should be integrated into a comprehensive framework to address global challenges. They outlined three priorities: Reforming the process by which national political leaders assemble to discuss common concerns; updating the system of multilateral institutions to ensure legitimacy and effectiveness; and generating a new mandate relating international institutions to global challenges.
http://www.imf.org/external/pubs/ft/fandd/2007/12/boughton.ht

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