In regard to the issue of the governance of the IMF, one might say I am being pessimistic. I refute that because the reality is that there is no evidence whatsoever of a return to founding principles. These institutions - the World Bank, IMF and so on - replaced older charter arrangements, with the Assistant Secretary General of the United Nations being the person to whom they were originally to report. There was a discussion at one stage as to whether there should be a United Nations body to deal with all of this - capital flows, hot money and so on - which would have rescued the people of the planet from the unaccountability of irresponsible, unregulated flows of capital.

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