The Way Forward for Global Financial Policy
Rich countries, developing countries, and the IMF are all to blame for the current paralysis when it comes to creating policies to address the risks stemming from financial globalization. But, as the world's financial and political leaders meet in Washington this month for the IMF's semi-annual meetings, now is the time to reinvigorate the push for greater liberalization of international capital flows.
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Financial globalization is exploding. Yet, as the world’s leading finance ministers and central bankers convene in Washington this month for the semi-annual International Monetary Fund board meetings, policy paralysis continues. There is simply no agreement on how to address glaring problems such as America’s increasingly fragile trade deficit, or financial dysfunction in a number of emerging markets.