Whereas the European Union should consider establishing certain institutions of its own or at least funding the existing institutions more generously, on a global level the IMF has re-established its essential role.
With respect to the conditionality of IMF loans we might as well question the wisdom of the market whether it is useful to contain public spending strongly in what has turned out to be the most severe crisis for generations. But the results of the G20 summit have shown that the willingness necessary for close cooperation among the big economies is there.