Summitry and the international monetary system: The past as prologue

The article begins by noting the role of the Summits in meeting an implicit demand for policy coordination among Summit participants. It details the evolution of the Summit from a forum to set initiatives to an occasion for issue identification. The discussion then moves to consider the growing challenges to the ability of governments to regulate the international monetary system in the face of an increasing vital private sector. Several suggestions for reform are offered to facilitate a more effective international monetary system and a more relevant G7 Summit. Opportunities for a more “business‐like” Summit are examined including greater economic coordination among Summit members and the creation of mechanisms for the broader participation of “star economic performers” which are not included in the G7.