Publication

This paper examines the history of the international financial system since WWII and argues that the management of the 2010 financial crisis in Greece revealed that no single institution is in charge of the system. The author contends that the consequence of this situation is that narrow interests can predominate over global interests. He also suggests that this problem has been growing since the 1970s and has become much greater since the mid-1990s. He then suggests that to alleviate the problem, the International Monetary Fund (IMF) needs to develop a strategy to reduce the opportunities for creditor countries to intervene in decisions on how crises are resolved.