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The International Monetary Fund has been cautioning for months that the global economy was much weaker than governments were admitting. Bush missed a chance to use those warnings to bring international organizations and cash-rich nations together to talk about creating a global insurance fund and taking other steps to keep credit problems from metastasizing.
It is still worth trying. French President Nicolas Sarkozy has suggested that a summit of major financial powers should take place shortly after the U.S. elections. Such a gathering should begin a systematic effort to update the six-decade-old Bretton Woods institutions, which risk being swamped by the economic overhaul that Bush has undertaken on the fly.