This complex issue has subparts. Simplifying a bit, four main areas require stepped-up global problem-solving: managing international financial crises, strnghtening financial systems at large, dealing with financial abuse, and preparing for the future consequences of e-money. Despite progress on the first three, particularly in the last thee years, none of the four has been addressed in a convincing, reassuring way.

With its four parts, the challenge of improving the global financial architecture amounts to an urgent global issue-unresolved, it leaves the new world economy with a serious weakness. It also raises free-rider and leakage issues. And despite many efforts since the 1997-1998 financial crisis, it is far from having been definitively tackled.