Publication

This paper considers what the International Monetary Fund (IMF) needs to do in order to play an effective role in the aftermath of the global financial crisis. The author argues that the IMF appears to be the only international institution that has the analytical capacity and political standing (potentially at least) to hold all national governments accountable to the same benchmarks and standards for macroeconomic policies and financial market regulation. The Fund, therefore, has a crucial role to play in the international coordination of macroeconomic and financial market policies that will be key to preventing global financial crises in the future. The author proposes the reforms the IMF would have to make to be able to effectively fulfill this role.