The G20 “Framework for strong, sustainable and balanced growth” is a sometimes tedious, but important advance in this regard. In contrast to the multilateral consultations that were held in 2006 and 2007, the G20 commitments are backed by the leaders and include all  BIS Review 153/2010  3  major stakeholders.
Furthermore, the Mutual Assessment Process could provide the opportunity for exerting peer pressure among members, which is considered to be more effective than institutional surveillance. Still, we should not rely too much on the effectiveness of the framework itself. At the end of the day, it is up to the national authorities to implement the necessary measures in order to reduce imbalances.