This is a very promising approach, but as recently as last year in the Asian crisis was dismissed on the grounds that it represented an interference with the free flow of capital (which it does). I should take this opportunity of saying how useful Australia has found the G22 Meetings.
For a group that has only been in existence for a little over six months and has only met twice at ministerial level, it has achieved a lot. The three Working Party Reports are the most constructive effort to date in laying out some practical steps towards improving the international financial architecture.