WASHINGTON, Nov 3 (Reuters) - The world does need to modernize the architecture of international finance to reflect the post-Bretton Woods order, but don't expect miracles from an upcoming G20 meeting, a top Federal Reserve official said on Monday.
"I do think there is a need for new arrangements," Dallas Federal Reserve President Richard Fisher told Bloomberg Television in an interview.
"It is going to be very, very difficult to get so many participants to agree on a new order and yet preserve what is best about the IMF (International Monetary Fund) and World Bank," he said. "I'm not sure you are going to get that from that one meeting. Don't get your hopes up."
U.S. President George W. Bush will host a summit for leaders of the Group of 20 industrialized nations on Nov. 15 to find ways to better tackle a global financial crisis sparked by the collapse of the U.S. housing market. (Reporting by Alister Bull; Editing by Dan Grebler)