Finance ministers from the Group of 20 are scheduled to gather for the first time in 2015 early next month in Istanbul. It will be an important meeting for them. They will be showing the world whether they should be taken seriously.

In November, the G20 gave Washington an ultimatum: ratify the four-year-old agreement to overhaul the International Monetary Fund or else. Washington ignored the threat. It is unclear if the new Republican-led Congress has any interest in the issue. IMF reform could be dead unless someone displays an extraordinary commitment to revive it. Major changes at the IMF require the...

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  • Kevin Carmichael is a senior fellow at CIGI and the national business columnist at the Financial Post.