I think we want an institution in the broad sense of a set of wisely understood and adhered practices, rather than a formal institution like a global central bank / ICU. 1/

We still need to engender a degree of international buy-in and consensus. But the norms agreed can be enforced in a decentralized and competitive manner, while a formal institution is fragile to leadership takeover, would be too risky in so conflictual a world, I fear. 2/

I guess I see IMF evolving into a creditors' whip as a pretty severe cautionary tale. But so I think we need institutions that, if widely employed in an incentive-compatible way, will yield results similar to Keynes' technocratic enforcer of balance. /fin