The IMF has assumed a greater role in the aftermath of the 2008-9 crisis. However, it is still viewed as an Euro-Atlantic institution by many. Its preferential treatment of Latvia, from pressure from the EU, that it could peg its currency without devaluation, is a case in point compared with ruthless devaluation policies vis-a-vis south-east Asia in many times.
The G7, after a post-Lehman relevance, seems to be consigned to the heap of history, as it voluntarily ceding powers to G20.
Mohamed El-Erian, co directing Pimco, the Pacific Investment Management Company. In his book When Markets Collide, he says we have entered a "new normal" and should expect sluggish growth out of developed economies and increasing opportunity in developing economies from now on.
World Financial Developments
http://www.imf.org/external/ns/cs.aspx?id=29 IMF World Economic Outlook Reports ; http://www.imf.org/external/pubs/ft/reo/reorepts.aspx IMF Regional Economic Outlook Reports ; http://www.imf.org/external/pubs/ft/fandd/fda.htm ;
Debate on the proper role of government borrowing. Inherently bad, or helping growth? What national debt is manageable? The role of the state as a system manager.
Reforms of the international monetary and financial system 2008 forward
http://www.un.org/ga/president/63/commission/meetings.shtml The GA commission with recommendations ;
Traders earning absurd bonuses for being micro-seconds ahead in some socially useless trading.
It is ultimately unhealthy for a society to have runaway pay at the top and the rest left behind : a big income gap breeds a variety of social evils, from more murders to worse mental health, as described by Richard Wilkinson and Kate Pickett in The Spirit Level.
80 % of Europe's $400Bn hedge fund business is in London. Hedge funds are blamed for exacerbating the credit crunch in 2008 and 2009 by making bets on a plunge in the bank shares.