A fundamental weakness of the IMF – apart from being weak-kneed vis-à-vis the US – was the built-in asymmetry in its approach: a roaring tiger where deficit countries were concerned but a softpurring kitten when faced with surplus economies. As you know, the global cry at the level of the G20 is for rebalancing economies.
We have to watch how this global re-balancing is going to happen, who is going to have the power to achieve it, and perhaps what shape the new emerging international financial architecture is finally going to take. There will not be any cut-and-dried solutions. Instead, it’s likely to be a long drawn-out process.