At the same time, the world needs global institutions capable of making international cooperation inclusive, participatory and sustainable. Today’s polycentric world offers us a real chance of achieving the former, but reform of our existing global institutions is going to be needed if we’re to get the latter.
The lynchpin of the two is the emerging G20. It is hard to say whether that group can move the world in the right direction, but there will be an early test; reform of the International Monetary Fund. Let us press for global financial reform that would include as an early measure IMF reform and real changes to its quota system, its decisionmaking process and its lending policies.