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Since the global financial crisis of 2008/09, international cooperation has failed to curb volatile financial markets. Changes in the global rules of finance discussed in the G20 during the last decade remain limited, and it is uncertain whether they are suitable to help mitigate and manage future crises to come. Thomas Kalinowski argues that this failure is not the result of the ‘nature’ of the international system, the clash of national egoisms, or a lack of leadership.