From Episcopal Life:
To find a way out, Episcopalians should consult church history. How did the Christian church in other times free itself from the demoralizing grip of discord? For the most part, it did so by practicing conciliarism — that is to say, by convening regional or worldwide councils to address the causes of discord and reaffirm the bonds of community. Regional councils were the primary means of preserving the unity of the church as early as the second century. Worldwide councils began to be held in the fourth century after the Christian church was granted legal rights in the Roman Empire.
In the Middle Ages, a highly developed theory of conciliarism exercised a check on papal power in the Roman Catholic Church and, contributed to the rise of constitutionalism in the secular realm as well. In the 20th century, the conciliar idea inspired some of the most important gatherings in modern church history, such as the Second Vatican Council of 1962-65 and the Russian Orthodox Council of 1917-18, the greatest Eastern Orthodox assembly since ancient times. In short, there is a rich record of conciliar theory and practice for Episcopalians to consult as they look for a way to reunify their church.
A council is not a routine convention but an extraordinary gathering. Councils work when the issues are clear-cut and the unity of the church is in the balance. The essential questions are perfectly clear: Does the Episcopal Church wish to remain part of the worldwide Anglican Communion, and if so, will the church do what is necessary to restore its good standing, such as declaring a moratorium on the consecration of non-celibate gays and lesbians to the episcopate? A representative Episcopal council would in all likelihood answer both questions affirmatively. By reaffirming their unity with Anglicans around the world, Episcopalians would also renew the spirit of unity in their own church.