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So far, these demands have resulted in very modest agreements to change voting weights at the institution (and even these have not yet been ratified by the US). But we cannot help but conclude that IMF governance reform is now firmly on the agenda. Equally important, the current crisis has also marked a substantial curtailment in the geography of the institution's influence in the global south.

Just as the Asian crisis laid the groundwork for institutional developments that have deepened only in the current crisis, so do we expect the current crisis to catalyse further innovation along the lines already in place, and in directions not yet imagined, when the next period of instability emerges.

We should take note of what we see as the beginning of the end of the neoliberal approach to development. The process of discrediting that development model begins in the aftermath of the east Asian financial crisis of 1997–98.