We must accommodate the fact that some systemically important economies, including China, still prefer the stability of a fixed or quasi-fixed exchange rate regime. We need rules that will allow market signals to come through and market forces to work during what could be a lengthy period of coexisting fixed and floating exchange rate systems.
To build that framework and develop these rules, we need an international table around which we can all gather, and an institution to manage the development and the continued success of that framework. That institution should be the International Monetary Fund, but an IMF that is revitalized and is more representative of the global economy in the 21st century.