Two years ago some commentators were contemplating putting the International Monetary Fund in mothballs as a "historical relic". No one was borrowing from it and no one could agree on finding it a new role. It seemed to have lost its relevance.

How the world has changed. The most concrete achievements likely to emerge from the Group of 20 summit in London next month will be a doubling, or more, of IMF resources and a commitment to reform the institution to make it more effective and more legitimate.