Amid talk of a new "Bretton Woods," leaders of advanced and emerging economies met for the first time in November 2008 to discuss the global financial crisis. The crisis has clearly demonstrated the potential weaknesses of the existing financial and regulatory architecture. Capital crosses borders instantaneously and virtually seamlessly, but it is national bodies that are tasked with ensuring the financial system's stability. International cooperation is required. The solution lies in better coordination between national supervisors and a strengthening of existing international institutions-not a global regulator. The challenges are not easy and as the crisis is slowly resolved, the political pressure to work internationally may lessen over time. However, this is an argument for sustaining momentum-not an argument against trying. The effort of European leaders to invoke the spirit of Bretton Woods is not a bad place to start.