Critics of the G7 (G8 minus Russia) argue the grouping no longer represented the world's most powerful economies, especially in light of the rise of China, and the increased importance and growing influence of the G20.

However, supporters counter these arguments with a belief that G7/G8 continues to represent a group of like-minded countries that share a belief in free enterprise as the best route to growth, and the countries themselves remain major players in shaping the world's gross domestic product, and how to solve vital global issues and drive prosperity.

Meanwhile, the G20 has grown in relevance as increased economic interdependency means international monetary systems and the framework of global economic governance must keep pace with the rate of change. 

As the demands of international trade finance and capital flows continue to shift the balance of the global economy and drive economic development, this puts the role of institutions such as the IMF (International Monetary Fund) under increased scrutiny as legitimate and effective forums for international policy cooperation in the 21st century.