Some might suggest that these very questions are being asked and answered right now within the IMF, in the context of the internal strategic review initiated by Managing Director Rodrigo de Rato. Mr. de Rato is to be commended for taking on this task. The Executive Board of the IMF will discuss the internal review next week.
But it seems to me that the review, while important and useful, has been focused on finding better ways for the existing institution to do what it already does. I want to approach this issue from a more basic level and ask what is required for the IMF to evolve into the best possible institution, designed for the global economy of the 21st century.