The emergence of Global corporation has made it important , that the regulation, which has national restriction should have wider scope. The need of regulation ,which meets the global benchmark, is also growing. The sweeping credit crisis of 2008, is again raising the question, that much responsibilities has been shrugged of by the regulators, due to the complexity of the process, on deriving a regulation involving number of countries.
The success of EU and the G7 and other formats of governance, spreaded around multiple nations are gaining momentum . To make sure that we don't fall into a global financial crisis for irresponsible actions of one particular nation, it is important to explore the options of Global governance. With the G7 being holded right now in Japan , this issue of building up a global governence, which could lead us to better management of Food crisis, Oil Crisis, Climate crisis and Credit crisis should be worked out. The solution to these crisis, would involve thinking , beyond political border , within , a standard framework of Global Governance .