The House of Commons Standing Committee on Foreign Affairs and International Trade has recently completed a detailed review of the G7 process ‐ focusing on the reform of the international financial institutions which is the overall theme of the 1995 Halifax Summit. This article highlights the experiences and impressions of the Committee, focusing especially on role of private capital as a source of finance for developing countries, the problems and prospects of the Bretton Woods institutions ‐ including the IMF's role in currency stabilization, and the reaction of the U.S. to the reform process. The article concludes with a discussion of global governance issues and the demand for more a “democratic” policy process.