A case in point is the architecture of the international financial sys- tem and whether it requires modest adjustments or a new financial architecture. Within the broad reform consensus, a minimum position held by the IMF, World Bank, VVTO, and U.S. Treasury, is in favor of “transparency” and the standardization of accounting systems. This is a conservative position that matches the Washington consensus on the alignment of capitalisms. A midway position, held by the World Bank and OECD, considers imposing restrictions such as higher reserve requirements, higher thresholds of access to offshore banks, and modest reforms of international institutions. A stronger reform position held by UN agencies and global social movements favors new international institutions such as a global central bank that should impose restrictions on “hot money" and international taxes (cf. UNDP 1999). Further progressive agendas include “double democratization," simultaneously within societies and in international relations, and “cosmopolitan democracy,” including substantive UN reform and the formation of regional parliaments (Held 1995). The ongoing interregnum has been described as one of complex multilateralism (O’Brien et al. 2000).