The IMF and Global Coordination
Having initially been shunned at the outset of the recent financial crisis, the IMF has assumed a key role in financing – and, more importantly, implementing – fiscal-stabilization programs. But the Fund is also at the epicenter of large-scale global coordination challenges, particularly the need to rebalance and restore global demand.
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NEW YORK – Before the crisis of 2008, the International Monetary Fund was in decline. Demand for loans was low, leaving it short of revenue. Asia remained leery of the Fund a full ten years after the currency crises of the late 1990’s. Its analytical talents remained high but downsizing placed them at risk.