to act cooperatively to rebalance world demand and steer the global financial system. This is a very big challenge, and one should not cultivate exaggerated expectations.
However, we should acknowledge that, in this respect, in less than a year the G-20 and the Financial Stability Board have become the new protagonists: the first, as a sort of world economic “steering committee”, which availing itself of the IMF’s analysis and advice can enhance international cooperation on all fronts and help achieve balanced and sustainable growth; the second – enlarged and institutionalized from its predecessor, the Financial Stability Forum – to make substantive progress in the key task of setting out financial and regulatory standards that will also involve the Basel committees, as well as the Fund.