And rather than using the IMF to efficiently pool international reserves, countries such as China have set out to accumulate very high levels of reserves. I have made several speeches in other places about the need to strengthen the surveillance function of the IMF, to improve its governance, and to make it more representative of today's global economy.
I won't repeat those arguments here; if you are interested in the details of our recommendations for the IMF, I'd invite you to read the lecture I gave one year ago at Princeton University.