To take one prominent example, a global financial crisis draws involvement from governments of the countries directly affected, as well as transstate networks like the G7, G20 and G24, as well as global agencies such as the BIS and the IMF, as well as private bodies with regulatory functions like the International Accounting Standards Board and the International Securities Market Association, as well as civil society associations like the IIF and Friends of the Earth (Scholte, 2002c). Nothing like a World Financial Authority exists to provide general oversight and coordination. In this situation, responses to global financial crises have tended to be rather ad hoc and muddled. Similar comment could be made about the governance of many other global problems.