While it is still too soon to say whether the G20 can become an effective vehicle for steering the governance of the IMS, real progress will depend on whether the IMF is allowed to play a central role in the governance of the IMS. –  One area where important improvements could be achieved is IMF surveillance.
See Michael Woodford (2012), “Methods of Policy Accommodation at the Interest-Rate Lower Bound,” in Proceedings – Economic Policy Symposium – Jackson Hole (Kansas City: Federal Reserve Bank of Kansas City), pp. 185-288. 15. See Gauti B. Eggertsson and Michael Woodford (2003), “The Zero Bound on Interest Rates and Optimal Monetary Policy,” Brookings Papers on Economic Activity, no. 1, pp. 139-211. 16.