The fundamental reassessment of power and influence in the world, both politically and economically, has not been initiated by the global crisis, but it may be reinforced.

History reveals that every international crisis leaves a lasting mark on the world. Once the crisis is over and the difficulties it brought have been encountered, things tend to change. However, the current global economic crisis must lead to a fundamental reassessment of how power and influence are expressed through the world.

I believe that the current financial crisis has accentuated what we already knew and what has been present in the data and discourse for sometime. Specifically, I am talking about the idea that big emerging markets, such as India, Brazil, China, Indonesia, Chile and Turkey, have slowly but steadily taken over as the global powerhouses in terms of economic growth and thus it is also natural that they are gunning for more political and institutional power. When it comes to financial crises in particular, the latest batch of proposals from the Obama administration to regulate the financial industry is another and more micro-oriented theme, which is a recurring event in the context of economic crises. Crises are often, in this way, catalysts for abrupt discrete changes in the economic and political environment.

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