May 13, 2010
The IMF’s star has risen steadily through the global economic crisis. Contributions from its members have tripled its firepower. It has rescued economies from Hungary to Pakistan. Yet despite these achievements, its activities did not extend into the heart of the rich world.
That is now changing. Although initially sidelined by the European Union (EU), the IMF eventually cofunded and devised the terms of Greece’s massive bail-out. And on May 10th the EU announced that the IMF is to provide up to €250 billion ($317 billion) to supplement its own €500 billion stabilisation fund to prop up the euro area’s weaker members.