The IMF isn't the only acronymic organ of nascent global governance that's suddenly gone impotent. The IEA is asking the world's oil producers to pretty-please raise their oil output so prices can come down and the developed world can start spending its way to prosperity again. Nice try. Better luck next millennium. Russia isn't about to fall in line just to save the West from insolvency. It's too busy consolidating its stock exchanges and preventing capital flight prior to elections to take requests right now.
The IEA can start to relax with oil futures headed down anyway thanks to decelerating GDP growth in the developed world. The free market takes care of these things without jawboning.
The world is in for a new golden age provided it avoids financial implosion in Europe, stagflation in the U.S., and North vs. South resource wars. Fun times ahead! Life just keeps getting better for everyone.