It is essential to maintain our current global institutions, but at the same time to reform them to face new challenges. While the IMF has been able to adapt itself successfully in the post-crisis era, it is the World Trade Organisation that is in the greatest need of reform today.
As has been rightly said by EU Commissioner Cecilia Malmström, we should make the WTO reform a cornerstone of the next transatlantic project. I very much endorse this. International cooperation, and policy coordination, also played a critical role in firefighting the global financial crisis.