Marriage Counseling for the G-20 and the IMF
BERKELEY – The relationship between the International Monetary Fund and the G-20 is symbiotic but conflicted. Like a long-married couple who habitually bicker and fight, the two can’t seem to live together – but they can’t live apart, either.
The question of what to do about this relationship is coming to a head in advance of the November G-20 summit chaired by South Korea. Since the 1997-1998 crisis, Asian governments have sought to keep their distance from the Fund.
It is admirable, therefore, that South Korea’s government has taken the lead in discussions about reforming the IMF’s mandate. It has contributed significantly to international thinking on the design of new lending facilities.