Friday, June 21, 2013

IMF in the Eurozone: A Case of Too Close to Fail?

by Eleni Panagiotarea

Crisis Observatory

Research Paper 6
June 2013

The IMF is as much a product of (financial) history, as much as it is making (financial) history. In its latest foray in the Eurozone crisis, it has become the indispensable partner in the design, funding, implementation, and monitoring of programmes aimed to restoring fiscal and external imbalances. It has also taken most of the blame for programme countries’ mixed implementation record. Embroiled in national politics and in the politics of austerity, the Fund is treading on thin ground, as it endeavours to better tailor its lending policies to the particular circumstances of monetary unions and retain its reputation as the global expert in restoring stability and growth.

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