Among the G20 measures of 2009 were the efforts to strengthen confidence in international financial institutions, the IMF in particular, to permit it to play an effective role in tackling the  4  The Unique Nature of the Responsibilities of the International Monetary Fund. IMF Pamphlet Series No. 46, 1992, footnote 54. 5  How Economics Managed To Make Amends, by Arvind Subramanian, Peterson Institute for International Economics. Op-ed in the Financial Times December 28, 2009. BIS Review 22/2010  3  crisis. Indeed, the G20 increasingly uses the IMF as an instrument of its policy implementation. The governance structures of the IMF have received considerable attention, as they are not deemed to adequately reflect recent important changes in the global economy. Misgivings about the legitimacy of these structures have played a role in prompting the G20 member countries to “…designate[d] the G20 to be the premier forum for our international economic cooperation” as agreed by the G20 leaders at their summit in Pittsburgh last September. With his presence at the World Economic Forum meeting in Davos last month, the Chair of the G20 aimed to “drum up support for the idea of making the summit [in Korea later this year] a “premier forum” where all major discussions on worldwide economic cooperation will take place”. 6 Therefore, the current ambition of the G20 may not only be driven by the global crisis.
It engages the membership of the IMF directly and indirectly. It would lend legitimacy and integrity to the process of international economic and financial cooperation. The Articles of Agreement of the IMF confer upon it to “oversee the international monetary system in order to ensure its effective operation.” 13 During the crisis, the IMF proved its ability to respond promptly and effectively to very challenging developments. I therefore submit that a statutory-based and representative global order should be one of the main objectives of the discussions on changes in the international financial architecture. Conclusion To conclude, I have presented my view on the prevailing international economic order which I find deficient in important respects. The G20 played a vital role in the response to the global crisis and the rest of the world depends on its successful cooperation. With the world recovering from crisis, the G20 should merge its activities with those of the IMF. That will give them both wider acceptance and legitimacy. At the outset, I described some characteristics of Norway and emphasised our history of active support of multilateral institutions and collaboration. Currently, we do not participate where decisive discussions take place on international economic and financial issues and cooperation, including changes in the governance of the IMF. Yet we are called upon to make relatively large contributions to efforts agreed by a non-statutory body. 11  IMF chief warns of reliance on exports; interview with the Financial Times January 30–31, 2010, p. 5.