In this article, we argue that there are indications for the emergence of a third phase in the idea of global governance. After the phase of extensive state intervention and etatism (1945-1980) and the phase of deregulation and marketization (1980-now), this third phase aims at restoring typically governmental functions (e.g. social cohesion, financial stability, public health). Indications are international measures against the drawbacks of globalization (e.g. financial instability), the eroding legitimacy of the market-oriented WTO regime, the formulation of new security concepts establishing links between national interest and transnational problems and the enhanced interest in global policy coordination (e.g. UN Millennium Development Goals). Yet today, unlike in 1945-1980, globalization and complex interdependence are accepted as facts, and we also witness attempts to realize ‘governmental’ functions at the global level. But the direction which global governance will follow the years ahead, remains to a large extent a matter of political choice.