Nevertheless, the • SDRs: Careful consideration of the role of the SDR by financial crisis provides an unprecedented opportunity the IMF and its members, in the context of ensuring to re-examine the Fund’s role and to discuss how best orderly functioning of the international monetary sys- to equip it for the post-crisis world. [...] This is partly due to the technical nature of the FSB and its origins, but also to the regulators’ recognition of how sys- The FSB, on the other hand, was designed from the start temic vulnerabilities are able to migrate from one finan- to foster precisely the kind of engagement between na- cial system to the next. [...] Part of this is bound up with beyond the 20 or so representatives the early organizers the history of the institution and with the fact that it has envisioned as optimal, the benefits of having all of the actual resources to dispense — these are always going 8 Part I: The IMF and the International Financial System cigionline.org The Future of the International Monetary Fund: A Canadian Perspective [...] The International Trade Organization (ITO) WTO added the goals of “optimal use of the world’s re- was stillborn as the US administration did not complete sources in accordance with the objective of sustainable the ratification procedure, and in its place, the General development” and respect for the needs and concerns Agreement on Tariffs and Trade (GATT) was negotiated. [...] Zhou recommends broadening the “scope” of the SDR’s use at both the official and private levels through initia- The political dilemma, however, is how to share the tives such as issuing of SDR-denominated bonds; estab- exchange rate risk that a substitution account would 20 Part I: The IMF and the International Financial System cigionline.org The Future of the International Monetary Fund: A Canadi