A Crisis to Remember: The Case for Modernizing the Multilateral Framework
IMF Finance & Development: A Crisis to Remember: The Case for Modernizing the Multilateral Framework
Author/Editor: El-Erian, Mohamed A.
Summary: This is a defining moment for the global financial system and, by implication, for relationships between countries. The institutional and policymaking landscape is changing in a rapid and unpredictable manner. The changes are not being driven by a master plan but by a series of separate reactions to the global financial crisis. As a result, market accidents and policy mistakes have become largely inevitable. In the process, the inadequacy of today’s multilateral coordination is there for everyone to see.
Full Text
Author/Editor: El-Erian, Mohamed A.
Summary: This is a defining moment for the global financial system and, by implication, for relationships between countries. The institutional and policymaking landscape is changing in a rapid and unpredictable manner. The changes are not being driven by a master plan but by a series of separate reactions to the global financial crisis. As a result, market accidents and policy mistakes have become largely inevitable. In the process, the inadequacy of today’s multilateral coordination is there for everyone to see.
Full Text
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