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Last week our CGD and Peterson Institute colleague Arvind Subramanian called on the IMF to speak truth to power, in an elegant cri de coeur in the Financial Times. The IMF, he notes: “has not provided independent intellectual leadership, most evidently on the eurozone crisis. And it is unprepared to provide stability for the next big global crisis.”
This post originally appeared on the blog of the Peterson Institute for International Economics
A letter to Christine Lagarde, Managing Director of the International Monetary Fund (IMF)
Dear Madame Lagarde,
Europe is in deep trouble, possibly on the verge of catastrophe, and as a consequence so might be the world. You represent that world and you need to act quickly and decisively, and I am afraid somewhat solitarily. You need to quickly mobilize international resources to help address the problem in Europe, which in turn would help minimize the risks to the rest of the world.
Judging from her first public speech since taking office last July, Christine Lagarde is all that her many supporters say she is: tough-minded, articulate, charming. In a talk hosted by the Woodrow Wilson Center in Washington’s Ronald Reagan International Trade Center, she deftly laid out key challenges facing the global economy: “an anemic and bumpy recovery with unacceptably high unemployment” in the high-income countries, the debt crisis in Europe, and mounting public debt in the United States.
Recently the Latin American Shadow Financial Regulatory Committee (CLAAF), over which I preside, held its bi-annual meeting at CGD and issued its 24th statement. Among the CLAAF members that participated were several renowned economists, including Guillermo Calvo, Carmen Reinhart, Pablo Guidotti, Guillermo Ortiz and Roque Fernandez.
Today with Francis Fukuyama, I participated in a Council on Foreign Relations “Academic Conference Call” (listen here) with undergraduate and graduate students from over 40 universities. We answered questions about our March/April Foreign Affairs article, The Post-Washington Consensus: Development after the Crisis. (The article is based on a book due out any day now from Johns Hopkins University Press: New Ideas on Development
On Monday, October 5, IMF Managing Director Dominique Strauss-Kahn and Princess Maxima of the Netherlands, an international development advocate and the UN Special Advocate for Inclusive Finance for Development, launched the IMF’s new Access to Finance Project at
The U.S. House and Senate passed the $105.9 billion war supplemental last week, which includes $5 billion to secure $108 billion in additional lending by the International Monetary Fund (IMF). Congress’s approval for increased IMF lending supports President Obama’s G20 commitments and paves the way to unlock the $1 trillion (mostly contributions from other high-income countries) for emerging and developing countries coping with the economic crisis.
The U.S. should do more to support the International Monetary Fund and its efforts to stabilize the global economy, CGD president Nancy Birdsall and three other witnesses told the House Financial Services Subcommittee on International Monetary Policy and Trade last week.
IMF and Participants at the upcoming meetings of the IMF and World Bank in early October are bound to promise with considerable conviction an increase and an improvement in international coordination of domestic financial regulators -- just as U.S. Treasury and Fed officials are now promising, with considerable conviction, to revisit and reform the rules and the coordination of a currently fragmented regulatory set-up within the U.S.