A messianic belief in free movement of capital for all countries, even those with the most immature financial systems, prevailed in the years leading up to the crisis of 2008, and was in large part responsible for it. Financial markets remain vulnerable: risk has migrated from banks to other parts of the system.

What’s more, the idea that countries that run into trouble should be allowed policy space has long since disappeared. There is a basic structural adjustment template when the IMF arrives in town: squeeze the domestic economy in order to get costs down, privatise in order to make industries more efficient, and devalue the currency to foster export-led growth.

But it is not just a question of returning to the original 1944 blueprint. Other changes are needed.