The savings glut that is blamed for current global imbalances are a result of Asia's reaction to IMF austerity more than a decade ago. Asia built up trillion dollar warchests to make sure those humiliations would never happen again.
Yet the IMF has learned nothing, because it's nature as an institution is to attract the most rapacious among us. A world with both European and Asian reserve warchests is impossible; demand will breakdown and we will have depression. This is the route I expect Europe to chose after the IMF forces austerity on the Mediterranean states. If not in a year, then ten - these reactions take time to build. In the end, the IMF will be finished in Europe like it is finished in Asia.