This note focuses on the relationship between L-20 (L for Leaders) or G-20 type meetings and more formal reforms, particularly of the IMF. It should NOT be read as a proposed agenda for the April meeting of the L-20+, but as an input into the agenda of global reform that constitutes the context of the London and other international meetings. I do believe that given the massive and immediate threat posed by the unfolding worldwide economic crisis, the April meeting should focus on (i) the global size and coordination of the fiscal stimulus and macroeconomic policies worldwide, (ii) immediate coordination as needed in the dramatic actions required with regard to the banking system in many major economies and, (iii) financial support to the developing countries experiencing a massive decline in export revenues, capital flows and remittance.

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