European leaders met last week for yet another "historic" summit at which the fate of Europe is said to hang in the balance. Yet it is clear that this will not be the last one convened to deal with the financial crisis.
Given that Europe is the largest component of the global economy, the rest of the world has a stake in helping to avoid major financial accidents. It also has a stake in aiding continued growth in Europe and ensuring that the European financial system supports investment around the world — particularly as cross-border European bank lending dwarfs that of banks from any other region.
Now is also a historic juncture for the International Monetary Fund. The focus of the policy response to the crisis must shift from Brussels and Frankfurt to the IMF's boardroom.