It would also be more representative than the current IMF, and would have an overhauled governance structure. The prescription I have outlined today may sound radical. But we cannot afford to be put off by the size of the task. Progress may come only over time, but it does need to happen.
Meanwhile, we have had to confront the current crisis with the institutions and techniques we have. Many argued that the Asian crisis should be allowed to run its course without support from the International Monetary Fund or the bilateral financial backing of other nations.