Rapid and determined policy action have avoided that things turned worse at the peak of the crisis, but now that the worst seems to be behind us, it is time to look further ahead. Notably, we need to reverse what should only be temporary, and implement what needs to be changed structurally, so as to reduce chances of such a crisis from occurring again.
Sixty years after the original Bretton Woods conference, now is the time for policy-makers to agree once again on the fundamental objective of the IMF. We need to agree that its role should be to promote a well-functioning, market-based, international financial system.