BRATISLAVA. Global economy will not be governed by the rising powers but it cannot be governed without them, agreed the panellists during the closing discussion of the seventh annual global security forum GLOBSEC in Bratislava. Jim O’Neill, chairman of the Goldman Sachs Asset Management and a financial guru of his company, who coined the term BRICs referring to the rising economies of Brazil, Russia, India and China, is convinced that the current economic crisis is also having positive impact in terms of economic reforms in many countries of the world. Mr O’Neill is persuaded that the G20 group representing the most developed economies of the world needs a new G7 group within its structures in order to deal with the current economic situation effectively. “This new G7 should contain Euro-area as a single actor and all four rising economies of the BRICs,” he said. Mr Ignazio Angeloni, adviser to the European Central Bank Executive Board believes that while the G20 was efficient in dealing with the financial crisis, it has been much less effective coordinator in a non-crisis period. The trio of the economists concludes Mr Liming Wang, author of a recent book on rising Chinese economic power. In his view, the economic and financial crisis was the result of a failure of economic regulatory systems based on the old rules. “This needs to be changed and the institutions created in the middle of the last century should be reformed,” he said referring to the Bretton Woods economic system created after the Second World War. Mr Dmitri Suslov from the Council on Foreign and Defence Policy in Moscow perceives the current world from the political and international perspective as unstable and unclear. “The power has definitely shifted from the West to the East, but it is less than clear what the destination of this power shift will be,” he said. Mr Suslov emphasized the fact that while the need for global governance rises, globalization makes the current world less and less governable. Opening as well as the closing session of the GLOBSEC forum addressed the crucial issues of European as well as global economic governance. This is perceived not only by the community of the international decision-makers and experts from 47 countries who met at GLOBSEC this years, but also by the general public as one of the most topical security threat.