How do you transform the International Monetary Fund, an institution until recently widely criticised for its lack of legitimacy and representativeness, on the verge of irrelevance, into the international community’s premier tool for fighting the global crisis? Simply by throwing the full support of world leaders behind it.

How do we ensure that this unprecedented support and co-ordination at the international level does not evaporate once the crisis is over? By transforming bodies such as the Group of 20 and Group of Eight leading nations into a global economic council (Gleco). This new international body should oversee the proper functioning of the global economy and the stability of the international financial system by providing close political support and strategic guidance to all international financial institutions.