Posted on October 12, 2010 by iMFdirect
By Dominique Strauss-Kahn
(Version in عربي 中文 Español Français 日本語 Русский )
This past weekend in Washington DC, as the economic leaders of 187 countries gathered for the Annual Meetings of the IMF and World Bank, the mood was tense. The world’s finance ministers and central bank governors were concerned because the global recovery is fragile. And uneven. And it is fragile because it is so uneven.
In the emerging markets of Asia, Latin America, and the Middle East, things are going pretty well. Even in Africa, many countries have returned to growth much faster than in previous recessions. In Europe, however, the recovery is sluggish. And in the United States, it remains subdued. The IMF’s latest economic outlook, released during the meetings, does not anticipate a “double dip.” But there are risks. Continue reading
Filed under: Advanced Economies, Annual Meetings, G-20, IMF, International Monetary Fund, Multilateral Cooperation, عربي | Tagged: Annual Meetings, balanced and sustainable growth, cooperation, cross-border linkages, currency wars, double dip, financial sector reform, fiscal sustainability, G-20, global recovery, governance, IMF quotas, IMF/World Bank Annual Meetings, IMFC, International Monetary and Financial Committee, jobs, policy coordination, spillovers, unemployment | 10 Comments »
Posted on October 7, 2010 by iMFdirect
By Siddharth Tiwari
The global economic crisis really shook things up. Policymakers came together and responded to the crisis with an unprecedented degree of policy coordination.
The crisis also focused the IMF’s attention on better equipping ourselves to meet the challenges of today’s world. A big part of that transformation is how we engage with our members and the outside world.
So, with the 2010 IMF/World Bank Annual Meetings, you’ll see some big changes. Continue reading
Filed under: Annual Meetings, Economic Crisis, IMF, International Monetary Fund | Tagged: BBC World debate, Future of Global Economic Governance, How to Secure a Robust Recovery, IMF/World Bank Annual Meetings, International Monetary and Financial Committee, Per Jacobsson lecture, Program of Seminars, Securing Prosperity for All, Stimulate or Consolidate | 18 Comments »
Posted on October 6, 2010 by iMFdirect
By Olivier Blanchard
Achieving a “strong, balanced, and sustained world recovery”—to quote from the goal set in Pittsburgh by the G-20—was never going to be easy. It requires much more than just going back to business as usual. It requires two fundamental and complex economic rebalancing acts.
First, internal rebalancing. When private demand collapsed, fiscal stimulus helped reduce the fall in output. This helped avoid the worst. But private demand must now become strong enough to take the lead and sustain growth, while fiscal stimulus gives way to fiscal consolidation.
The second is external rebalancing. Many advanced countries, most notably the United States, relied excessively on domestic demand before the crisis, and they must now rely more on net exports. Many emerging market countries, most notably China, had relied excessively on net exports, but must now look to domestic demand. Continue reading
Filed under: Advanced Economies, Economic Crisis, Emerging Markets, G-20, growth, Low-income countries, Multilateral Cooperation | Tagged: balanced and sustainable growth, capital inflows, downside risks, economic imbalances, financial reform, fiscal consolidation, Fiscal Stimulus, global financial crisis, IMF World Economic Outlook, monetary accommodation, policy coordination, private domestic demand, private investment, rebalance global economy, sustainable recovery, unemployment | 10 Comments »
Posted on October 5, 2010 by iMFdirect
By José Viñals
It would be unfair for any assessment of global economic and financial stability not to acknowledge that tremendous progress has been made in repairing and strengthening the financial system since the onset of the global crisis.
Still, the key message from the IMF’s October 2010 Global Financial Stability Report (GFSR) is clear. Progress toward global financial stability has suffered a setback over the past six months—the financial system remains the Achilles’ heel of the economic recovery. Continue reading
Filed under: Advanced Economies, Economic Crisis, Emerging Markets, Financial Crisis, Financial regulation, International Monetary Fund | Tagged: bank restructuring, banking system, capital inflows, debt sustainability, economic recovery, financial reform, Financial regulation, financial sector vulnerabilities, financial supervision, GFSR, Global Financial Stability Report, regulatory reform, sovereign risks | 2 Comments »
Posted on October 3, 2010 by iMFdirect
By José Viñals
Fearful financial markets, an uncertain growth outlook, fiscal anxieties, long unemployment lines….no other financial crisis since the Great Depression has led to such widespread dislocation in financial markets, with such abrupt consequences for growth, trade, and employment.
The crisis exposed fundamental weaknesses in many areas of the world economy, the most obvious being dramatic deficiencies in the regulation and supervision―nationally and internationally―of financial institutions and markets.
On the bright side, the crisis has provided the impetus for a major overhaul of the financial regulatory system. So, are we making the most of this opportunity to fix the system? Continue reading
Filed under: Economic Crisis, Financial Crisis, Financial regulation, IMF, International Monetary Fund | Tagged: Basel Committee on Banking Supervision, cross-border exposures, financial crisis, financial institutions, financial markets, Financial regulation, financial regulatory system, financial stability contribution, financial supervision, macroprudential regulations, Microprudential regulations, resolution mechanisms | 2 Comments »