Reasons for the Crisis: Message 9/10

ix) The multilaterals will become bigger before they become fairer.  

Enlarging the financing power of multilaterals, especially the IMF, has been the correct move, and more of it may still be necessary.   This could be complemented with new liquidity and guarantee facilities, especially for the private sector.  Welcome are also the various new or enhanced forums for global policy coordination (like the G20).  But there is no illusion that global governance will change much any time soon because, in any grand bargain, the power of European countries will have to be trimmed, something that is not seen as politically feasible.