You really need to bring China into the creation of a new world order, a financial world order. They are kind of reluctant members of the IMF. They play along, but they don’t make much of a contribution because it’s not their institution.
Their share is not commensurate, Their voting rights are not commensurate to their weight. So I think you need a new world order that China has to be part of the process of making it. They have to own it the same way as, let’s say, the United States owns the Washington consensus, the current order, and I think this would be a more stable one where you would have coordinated policies. I think the makings of it are already there because the G20, in agreeing to peer reviews, effectively is moving in that direction.
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