A credible reform agenda should include:   a strong multilateral surveillance procedure managed by the IMF and designed to adjust global payments imbalances and to contain the impact of the cross-border policy spillovers on the financial system;    the implementation of the financial regulation reform elaborated by the Financial Stability Board to strengthen the resilience of banks and financial intermediaries and to discourage excessive risk taking;    the implementation of the WTO’s Doha Development Agenda to preserve an open, multilateral and rule-based trading system;    the commitment to establish a new multilateral reserve asset – hopefully with a more appealing name than the SDR – to become the “safe asset” that financial markets demand and that could be the anchor and the standard of a more stable international monetary system.
Is this agenda “politically acceptable” to the G20 leaders? Probably not, but it may become soon the only available alternative to the present slow-moving, incremental approach to reform, if they want to prevent more serious troubles for the world monetary and financial system and for the world economy. BIS central bankers’ speeches  7