So far, the group has managed to build consensus on the relevant issues and has been able to make some progress both in the reform of the international financial architecture (expansion of the FSF and the Basel Committee, the capitalization of the IMF, revisiting of the IMF international lender of last resort role, and speeding up the governance reform process of the IFIs) and in coordinating macroeconomic policy responses to the crisis.
One of the key challenges the G-20 faces going forward is to consolidate as a formal body. That means not only to propose changes to reform of the international financial architecture but also, and most importantly, to systematically monitor its degree of implementation.