Nobody, including the United States, is going to base all its relations with a country as important as China on the exchange rate issue, however important it may be economically. That is to say, we don’t really have a good way of dealing with the problem of the asymmetry of the adjustment pressures on deficit and surplus countries, the problem that underlies global imbalances.
That is a source of weakness in the international system's ability to reduce the frequency and severity of future crises. VI. Concluding comments  How will all the proposed reforms affect the frequency and seriousness of future financial and economic crises? That question can be divided into two parts.