Notre Dame is one of the selected institutions with a seat at the decision-making table.

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This, of course, brought more Asia-Pacific nations to the table global economic decision-making, including China, South Korea, India, Australia and Indonesia.

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"I'm not asking you to defer to them, but a lot of the time it helps if they're at the table when you're making a decision so that they have the information that you have, " he said.

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And that very diversity helps to create more effective policymaking and better decision-making for me, because it brings different perspectives to the table.

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However, even with the rise of the G20 as the main global economic decision making body, with China, India, Brazil, Russia and South Africa all at the top table, the world appears to lack the governance architecture to achieve the conditions for this kind of enduring economic reform.

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