Antonio Spilimbergo, Steven Symansky, Olivier Blanchard, Carlo Cottarelli, 12 February 2009

The global crisis demands bold initiatives to i) rescue the financial sector, and ii) boost aggregate demand, with early resolution of financial sector problems being a necessary condition for the stimulus to work. Since monetary policy is at the end of its rope, early, strong, and carefully thought-out fiscal policies are urgently needed. Time and action are of the essence if we are to avoid a contraction larger than any we’ve seen since the 1930s.

Andreas Freytag, Gernot Pehnelt, 11 December 2008

In a future phase of the crisis, the issue of sovereign debt relief is likely to arise. Such debt relief has historically been marked by political failure and short-term thinking, and not delivered promising results. Drawing on recent research, this column argues for tying debt relief to good governance goals is one way to improve the outcome.

Arvind Subramanian, 14 November 2008

The financial crisis affords India an opportunity to punch above its current economic weight. This column urges India to support globally coordinated actions to help limit the economic downturn. Most importantly, India should call for a strong political commitment by all countries to keep markets open and refrain from taking protectionist action.

Peter Draper, 14 November 2008

This column suggests that South Africa should focus on four broad issues at the coming G20 Summit: supporting global growth, supporting regulatory reform and reconfiguring the IMF, supporting reform of Asian currency management practices, and underlining support for the Doha Round of WTO negotiations.

Alberto Alesina, Francesco Giavazzi, 13 November 2008

What should a “new Bretton Woods” involve? This column argues that the major task at hand is reorganising international economic institutions rather than tackling regulatory details. The G7, International Monetary Fund, and Financial Stability Forum are falling behind because they are not structured for the roles we need them to play.

Richard Portes, 12 November 2008

The financial crisis offers opportunities for reform. This column argues the IMF and Financial Stability Forum should be refocused and beefed up, the G7 scrapped, the G20 reshuffled, and group memberships suited to the issues. On November 15, leaders should agree on principles, rather than getting bogged down in details, and explain their reforms to the public.

Barry Eichengreen, 07 October 2008

Global crises used to remind us why we have the IMF. If the Fund doesn’t come up with some new ideas for how to handle this one, it may remind us why it has become increasingly unimportant. The IMF could reassert its relevance by aiding middle-income countries caught up in the crisis with new ideas on how to link emergency lending with policy adjustment.

Michael Bordo, Harold James, 18 June 2008

The IMF needs a new job. This column makes the case for the bold proposal that the IMF should manage a significant part of the new surplus countries’ sovereign wealth funds.

Peter Kenen, 30 October 2007

Here is an evaluation of progress on IMF reform by one of the world’s most eminent scholars of the global financial system.

Alan Ahearne, Barry Eichengreen, 18 October 2007

Europe has no shortage of opinions on international economic affairs, but these suffer from a shortage of impact. The EU could become more influential by reforming its external representation. The IMF is the place to start. Here is a proposal.

Jean Pisani-Ferry, 06 July 2007

When the IMF was a monitor of borrowers’ policies, dominance of the IMF Board by creditor countries was natural, but an institution whose main role is to facilitate global consultations and arbitrate currency disputes needs a more balanced shareholder structure.


Vox eBooks


CEPR Policy Research