The answer to the question I posed at the outset is not to change the current system, but rather to change policies to be consistent with it. Changing policies will require countries to change their macro policies and all countries to agree on a series of financial reforms.
The G-20 framework and globally coherent policy With the burden squarely on policy dialogue and cooperation, the G-20 has assumed a central role. The G-20 framework stresses countries’ shared responsibility to ensure that their policies support strong, sustainable, and balanced growth. Under the framework, members have agreed to a mutual assessment of their monetary, exchange rate, fiscal, financial, and structural policies.