Brian Henderson, Ralph C. Bryant, Raghuram G. Rajan, Brian Henderson, Domenico Lombardi, Susan Schadler, Lauren M. Phillips and Andrew Baker
The deterioration of the global economy has intensified and accelerated discussion about the role of the international institutions which govern the global economy. The IMF’s role as a global stabilizer has been reinvigorated as economies facing acute balance-of-payments difficulties have required intervention. The Financial Stability Forum (FSF) has suddenly been propelled to the forefront of international mechanisms to promote coordination and common assessments of financial policies.
At the same time, there remain serious and unresolved questions about the governance and scope of these institutions. Addressing these issues is essential to reaching global consensus on key short-term issues, such as a...