||The creation of the G20 at leaders’ level has signalled a major shift in North South relations. Although the immediate cause for its launch was the global financial crisis of 2008, the underlying reasons relate to the existing global governance gap. Whereas globalisation the flow of goods, services, capital, data and cultural products across national borders has increased exponentially over the past two decades, rules and regulations governing it have lagged behind. This is also true of international institutions dealing with global governance, like the UN and the international financial institutions. A soft-law, informal group like the G20 at finance ministers’ level, created in 1999, provided an ideal launching pad for a more ambitious and capacious entity that could take on the challenges of globalisation at the highest levels. Having held three meetings in 10 months and seemingly poised to replace the G7/8 (for economic governance purposes), the G20 seems well positioned to become institutionalised. Two key questions arise: what will it take to make it fully operational and what will be the role played by the key emerging powers in it?