A re-suscitated IMF should usher in a re-working of principles and decision-making, as they affect international financial institutions (IFIs), and that would certainly be in tune with today’s increasingly multi-polar world and the “wake up call” that is the current economic crisis. The IFIs should for their part return to John Maynard Keynes' vision of the Bretton Woods rules he helped create in 1944 that the inherent instabilities of financial markets must be reined in if we are to foster economic growth and international trade.
The policy mismanagement that helped create global imbalances, along with market failures of global significance, have to be tackled by a common global governance structure. As to the E.U. it needs to be much more cohesive internationally if it is to be an equal partner of the U.S. and China in the daunting challenge of dealing with climate change and other global threats.