The Elusive Search for Global Financial Rules
If the financial crisis is global, it is said, then the solution must be global: an international financial system that works better. But if the goal is better crisis prevention by preventing the accumulation of large global imbalances, proposals that would make IMF financing easier and weaken its surveillance powers will do more harm than good.
BRUSSELS – If the financial crisis is global, it is said, then the solution must be global : an international financial system that works better. And, because the Bretton Woods institutions (BWIs) – the World Bank and the International Monetary Fund – form the center of the international financial system, they must be included in the solution.