Atlantic Community:Tag "financial crisis"

November 12, 2008 | Renaissance of Protectionism

Jens F. Laurson & George A. Pieler: The first dangerous results from governmental overreaction to the financial crisis are beginning to show. Bailout bills have counterproductive effects as political pressure is even brought on institutions that do not need the governmental help. Following protectionist approaches could lead to a harmful and tragic economic outcome.

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October 16, 2008 | Too Much Political Meddling Will Only Prolong the Financial Crisis

Jens F. Laurson & George A. Pieler: The economic crisis has brought harmony to trans-Atlantic affairs. Europeans might secretly blame the calamity on US “Casino Capitalism,” but they know they are rowing in the same boat and so cooperation is the order of the day. The stock markets treat this as good news now, but it could easily do more harm than good.

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September 26, 2008 | HOT ISSUE: <br />How to Respond to the Financial Crisis?

From the Editorial Team: The current financial crisis has sent economists, politicians, and citizens alike scrambling to find solutions. In the US and Europe, expert opinion is divided on how to revamp the economy. How should the United States, the EU, the private sector, and others respond to this international situation?

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November 18, 2008 | Europe's Economy Needs Cooperative Efforts

To answer the G20’s calls for budgetary stimulus, Europe needs a three-part recovery program. ++ EU member states must pledge to equally share the burden of recovery. ++ Because many countries will exceed EU deficit limits, budgetary boosts need to be accompanied by an agreement to strengthen the EU’s fiscal framework. ++ Member states should make a commitment to avoid borrowing at

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November 18, 2008 | Hard Road Ahead for Obama

Obama is going to have a very hard time fulfilling his campaign promises. ++ The heavy financial burden of the market bailout will slow his progress, especially since his tax policy proposals don’t seem to even cover his planned health-care reforms. ++ Obama’s preference for negotiation and economic sanctions might not get results with Iran and N. Korea and Israel’s upcoming

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November 13, 2008 | IMF Stands for Global Economy Insurance

Uninsured drivers need to save big for car crashes; nations have done that to prepare for financial crashes. ++ However, every-country-for-itself policies are wasteful and inflate credit bubbles. ++ The IMF was everyone’s insurance after Bretton Woods but it has not kept up with the crash costs. ++ Government payments should be tripled to make the IMF bigger and to help unavoidable crashes

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November 13, 2008 | China Can Rescue the World

China can revive the world economy by strengthening its consumption. ++ Its industrial development has been shaped by US consumer demand and “US consumption has in turn been fueled by Chinese lending that kept interest rates low.” ++ This circle is broken - the US economy is in a recession and the Chinese are failing to fill the gap. ++ China has the resources to undertake stimulus

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November 12, 2008 | Minimum Target for the G20: Do No Harm

The G20-meeting may harm the economy if conflicts surface and the US is blamed for the crisis. ++ The IMF lacks legitimacy due to an under-representation of Asian powers and over-representation of Europeans. ++ Obama must agree to the results of the summit, even with a lame-duck Bush as host, or markets risk destabilization. ++ Leadership is needed from Europeans who called for the meeting. ++

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November 11, 2008 | Congressman Calls for Fire Hose on Own Party

A “fire hose, not [a] feather duster” is needed for Republican Party reform, even if it means taking risks. ++ The Fed’s task should be limited to stopping inflation; the financial system also needs overhaul. ++ The GOP, meanwhile, should target changing the tax code while taking control of the health-care debate. ++ Republicans have lost their ideals of spending discipline and need to return to

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November 11, 2008 | Sarkozy Against "Polite Conversation"

French President Sarkozy is rushing on with demands for the upcoming G20-meeting, at the expense of diplomacy. ++ His harsh call for multilateral action, blaming Wall Street for the crisis, is explained by a feeling of support from public opinion in Europe. ++ However, the crisis was not fabricated only in the US; Europe’s structures have their own faults. ++ Sensible targets for the summit would

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November 10, 2008 | Beware Deflation

Deflation is the financial threat that might catch us unaware. ++ Relief from high food and oil prices is pleasant, but extreme price drops could signal economic havoc. ++ For now, falling prices will suppress inflation (5% in the US and 9% in Asia in 2008), and service industry prices are less volatile than raw goods, providing economic stability. ++ Ultimately, deflation threatens loan

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November 10, 2008 | "Europe in Wonderland"

Actions undertaken by governments and central banks won’t be able to adress the financial crisis as other huge risks are threatening the financial system. ++ The world has benefited from over-consuming America, but the “US engine of growth” can’t be replaced by Asia, pushing the EU into a depression. ++ There is a need for macroeconomic and fiscal coordination at the EU

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November 7, 2008 | Blank Czech: The Next EU Presidency

The Czech government is ready for the EU presidency.++ “In the past two decades, the central and east European (CEE) economies have done their homework, introducing reforms, with bank bail-outs and privatizations.” ++ The Czech presidency must address three problems: eurozone recapitalization, central European members vulnerable to a euro-wide recession, and new members needing financial support.

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November 4, 2008 | Old System of Finance is Kaputt

Germans now lament eschewing the “glorious era” of state ownership of banks. ++ They are missing a cardinal fact, though: The European Central Bank’s independence “enabled it to serve as a corrective to governmental policies and powers,” whereas the US Federal Reserve implemented “interest rate and money supply strategies configured to meet the needs of the US

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November 3, 2008 | How to Solve the Financial Crisis

With the financial crisis still in full progress, political leaders are ready to cooperate. ++ As politicians negotiate next week, they have to realize that the economy is still too unstable to carry out extensive reforms. ++ Discussions are needed to evaluate the roots of the crisis, followed by talks about “substantive reforms.” ++ An “international high level group of non governmental

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October 31, 2008 | Safety First, Pocketbook Second

America might think Wall St. and Main St. are now more important than Haifa St.; They are wrong. ++ From WWII to 9/11, history has shown that economic crises and America’s resulting inward attention are the seeds of global conflict. ++ Threats, such as the situations in Pakistan and Iran, could escalate at any time. ++ Al Qaeda and Iranian terror networks are not threats but enemies who are

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October 30, 2008 | International Middle-Man Fund

International Monetary Fund resources are limited and might not handle all those requests from new, strategically located democracies like Pakistan, Ukraine and Hungary if things get too severe; however, the US, Japan and Europe should still borrow from the IMF when needed in order to ensure global stability without borrowing from Gulf Arab states, Russia or China, which would attach political

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October 29, 2008 | But Words Can Never Hurt My Financial System

European financial schadenfreude and finger-pointing directed at the US might be premature crowing. ++ Not all roots to the crisis stem from New York, rather mainly from London and Frankfurt. ++ Blaming the US and calling for a new global financial order is “an excuse to restore European statism as official policy.” ++ History, especially Japan’s, has exhibited the superior

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October 24, 2008 | Nationalism Trumps Global Economic Cooperation

Financial turmoil has provoked leading nations to recognize the need for economic cooperation, yet fierce nationalism has reared its head amid the calls for global unity. ++ “Economics and finance may be global, but politics is still local.” ++ Western nations seek to retain power in the world system and emerging nations do not wish to yield their sovereignty. ++ Ideally the next US president

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October 24, 2008 | What We Can Learn From Asia

Financial bailout plans enacted by governments help to revitalize market confidence but do not address the fundamentals of the financial crisis. ++ Governments have failed to closely check banks’ balance sheets – they should learn a lesson from Asia. ++ First, the situation of financial institutions has to be assessed before asset management companies can aquire “non-performing

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October 22, 2008 | Cries for Change Are Empty Political Platitudes

Crying to re-found democratic capitalism and create a new global economic order, world leaders are simply trying to divert attention away from their own helplessness and cover the confusion they have been thrown into by a crisis they failed to predict and prevent. ++ These are empty political platitudes – there will be no revolution. ++ The creation of a global financial market watchdog is

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October 22, 2008 | "Super-Sarko's Plans for the World"

National governments of the EU have dealt with the financial crisis, ignoring the power of EU institutions. ++ State aid laws have been neglected aiming to “prevent EU governments from subsidising national companies.” ++ President Sarkozy is calling for tighter “supervision of the international banking systems” and for a “crackdown on international tax havens”

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October 22, 2008 | Crisis Will Reassert Russia as a Global Player

The financial crash will have serious geopolitical consequences. ++ Russia will reassert itself as a global player. ++ As its stock market does not play as crucial a role as in Western markets, and as Russia has a lot of money due to the boom in oil and natural gas markets, it will be the greatest winner in the aftermath of the crisis. ++ The US will also, in the long run, gain as the crisis will

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October 21, 2008 | America's World Role Is Diminishing

The US has to face a reduction in its super-power role and an “era of financially induced isolationism.” ++ Spending on foreign policy challenges has increased, and the times in which a strong dollar used to provide stability to the US economy seem to be over. ++ The US can’t pull back from the world stage leaving a “dangerous power vacuum.” ++ In the past the US

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October 20, 2008 | Banking Crisis Will Erode US Geopolitical Hegemony

It is clear that it was the free-market fundamentalism and reckless stewardship of the US government that led to the current financial crisis. ++ The US will pay a high price for its sins. ++ The bailout, which is likely to end up costing more than the Iraq war, will not only erode US financial hegemony, but undermine its geopolitical domination as well. ++ Financial troubles will prompt American

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October 20, 2008 | Lack of Politicial Trust Is the Reason for Market Crisis

The financial crisis is the consequence of a democratic deficit. ++ “Market capitalism only works when it can feed off democratic social capital” and the lack of political trust, which is a form of social capital, hinders people from participating in the market ++ The “secret of the invisible hand” is not economic but social capital. ++ There is a need for not only

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October 17, 2008 | Financial Crisis Vindicates the EU

The Brown-Darling rescue package for British banks not only provided a template to follow for the rest of the EU, but was also adopted by the US. ++ The British PM did not rest on his laurels and is leading international action even further by calling for reform of global financial institutions like the IMF. ++ This crisis has had one positive outcome: Europeans finally have their act together.

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October 15, 2008 | China: Rescuer of the Financial Crisis

The monetary meltdown is partly the result of collapsing consumer and business spending. ++ The assumption that banking sytems could be left alone has proven to be false. ++ There needs to be state-financed banking systems. ++ While spending in the West slows, the only way to stop recession is for the Chinese to increase their spending. ++ They hold $2 trillion in reserves that could save the US

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October 15, 2008 | Assuaging EU Taxpayers

Europe has a plan to bail out the banking system, but it might be hard to convince European taxpayers to pick up the bill. ++ In reality gross debt will increase, not taxpayer debt, and by saving banks we save million of jobs - yet strong opposition from national parliaments is still likely. ++ To convince taxpayers, leaders in Europe must do three things: punish banks and bankers by increasing

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October 15, 2008 | Merkel in the Hot Seat

Merkel’s uncertainty regarding the financial crisis is becoming increasingly evident. ++ Recently, three “Merkel myths” have been dispelled: the CSU loss in Bayern ended the idea of Merkel’s electoral invincibility; her rejection of an EU financial rescue plan proves she is not a European; and political vacillation has cast doubt on her leadership abilities. ++ As the

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October 14, 2008 | G20 the New G7

G20 nations represent 85 percent of the world’s economy. ++ The forum is essential for addressing the financial meltdown. ++ Developed nations urgently need liquidity; the vast reserves of foreign capital held by emerging economies are the remedy. ++ Bush’s first appearance at the G20 highlights this very fact. ++ “It’s of all nations’ common interest to take coordinated measures to tackle the

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October 14, 2008 | UK: Stay Away From Joining the Euro

Though the UK economy has become more “European,” one area of contrast endures: the euro. ++ UK capitalism has been discredited and the credit crunch will be a test that may prove independent currency is bad for financial stability, reviving the case for joining the euro. ++ However, disparities in production, investment, wages and yields between EU countries could unravel the entire currency. ++

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October 13, 2008 | God Save the Queen - She is Saving Us

Gordon Brown and Alistair Darling “have shown us the way through this financial crisis.” ++ The British Prime Minister and his officials lead the world in assessing the financial crisis and quickly enacting an apt solution. ++ The problem: lack of capital in the banking system; Brown’s solution: equity injections, a type of temporary nationalization, with the first commitment of funds coming to

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October 13, 2008 | G7 Must Work With IMF to Avert Global Recession

It will not suffice if the G7 only saves the financial systems of its own members. ++ The wealthiest nations can afford to shore up their banks, but emerging countries won’t be able to do the same on their own. ++ Steep recessions will follow in emerging regions and will in turn dampen the economies of Western Europe and the US. ++ Therefore, in its own interest the G7 should ensure that

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October 10, 2008 | Gordon Brown: Global Fix for Finance

World’s financial systems are increasingly interdependent, and solutions to economic slowdown that used to be relevant are now “outworn dogmas.” ++ Cross-continental flows of capital make regional systems of supervision inadequate. ++ A global system of supervision needs to be introduced immediately. ++ The Financial Stability Forum and the International Monetary Fund need to

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October 9, 2008 | Unjustified Panic May Lead to Great Depression

The current breakdown in financial markets is driven by unjustified panic. ++ Restoring confidence in the financial systems should be the priority for American and European governments. ++ EU countries should offer a time-limited guarantee of the liabilities of the most systemically important institutions. ++ Coordination on how to proceed is necessary if banking systems are to reemerge healthy

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October 8, 2008 | Financial Crisis Sheds New Light on Russia

The financial crisis stole the spotlight from the Russia-Georgian conflict, but it also sheds new light on the topic. ++ Reasonable attitudes are conquering politics because we are suddenly “all in the same boat.” ++ Russian weaknesses are now clearly evident. ++ If the world economy is growing slower, Russia’s oil leverage is suddenly less weighty and its military modernization will

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October 8, 2008 | Global Crisis, Global Solution

With the financial crisis teetering on the verge of global contagion, a coordinated, worldwide effort is needed to avert a further calamity. ++ “There is inherent tension as finance becomes global but its regulation remains national.” ++ Solutions include a global stimulus program with different countries using different tools: recapitalizing banks for psychological purposes and expanding

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October 7, 2008 | Creating an Asian Bond

It is time for the “globar” - or “global dollar,” a collective Asian bond that could revitalize the world economy by catering to US currency-stabilization needs and simultaneously recycling massive Asian surpluses back into tangible assets in Asia itself. ++ Asia’s surpluses are primarily in US dollars, a risky investment in the current turmoil. ++ Asian countries are no longer mere borrowers,

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October 6, 2008 | Potential EU Monetary Crisis - Recapitalize Now

Despite the success of some initial bank bailouts granted by the EU, such as Fortis, Europe is still short of an overall financial strategy. ++ Three things are needed: first, money to recapitalize the banking sector; second, a semi-permanent EU crisis committee to make financial decisions; and third, clear rules indicating when to recapitalize. ++ Sarkozy was right to support a EUR 300 billion

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October 6, 2008 | Bailout is "Dirty Socialism"

The nationalization of Fannie Mae and Freddy Mac was “clean socialism.” ++ The Wall St. bailout, on the other hand, has exposed deep divisions in the US. ++ Both sides of Congress had serious doubts when passing the bill. ++ This is dirty socialism. ++ Liquidity could be created by only granting credit to good banks, but the US banks are all “mired in the sub-prime morass.” ++ While

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October 3, 2008 | "GOP - R.I.P"

For Republicans, the financial crash of Sept. 29, as the stock market fell over 700 points, will be remembered as the day which began their “exile” from political power. ++ Republicans in the House voted against their own party’s bailout plan by a margin of 2 to 1, emphasizing their divided and seemingly leaderless state. ++ While the presidential race is still uncertain, it is obvious that

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October 3, 2008 | Bailouts Work, But the Current Paulson Plan Won't

The Laevan and Valencia study of 42 recent bailouts shows they can work, yet the current Paulson plan may not. ++ “Paulson and Bernanke should use bailout money to recapitalize the banks, not buy bad assets.” ++ Furthermore, the US bailout is likely to cost $2 trillion, not a mere $700 billion. ++ Successful bailouts usually include debt relief for consumers and businesses, which the current plan

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October 2, 2008 | You Lose, I Lose Economics

Asia’s role in the financial crisis shouldn’t be underestimated. ++ Endless liquidity coupled with cheap goods fueled America’s “buy-now pay-later consumption,” inflating the housing bubble in the process. ++ The overextension is as much a story of “Asian prudence” as it is of “US recklessness;” Meanwhile, China and others grew at astounding clips. ++ While there has been a relative shift of

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October 1, 2008 | The US Needs a Global Line of Credit

The US is following a pattern similar to Japan’s financial crisis in the 1990s, but ignoring the principles and method with which to handle it. ++ Unlimited liquidity in the market is needed and the world should help share the burden. ++ The US must ask the global community to provide $5 trillion for troubled financial institutions. ++ This should come from those who have collected dollar

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October 1, 2008 | Paulson 0, Democracy 1

“It is a glorious day for democracy.” ++ With all members of the House up for re-election in November, the rejection of the Paulson plan is a clear indication of the American public will - Wall Street must be accountable, not the tax payers. ++ Americans distrust the Bush administration, question its trickle-down economic theory, and fear more allocations of public funds to political favorites,

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October 1, 2008 | The End of US Arrogance

By talking about terrorism instead of the financial crises in front of the UN, Bush has staged himself as “yesterday’s man.” ++ Even Germany - one of America’s closest allies - is distancing itself from the US and blames the state for opposing tighter international market controls. ++ German politicians do not see the US as the “superpower of the global financial system” anymore. ++ The view

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September 30, 2008 | Financial Anger the World Over, but Misguided

Anger stemming from the financial mess is ubiquitous; the biggest backlash comes from outside the Anglo-American world and is directed at their unique type of capitalism. ++ The disparity between individualism and solidarity is the primary cause. ++ Markets are not perfect, nor are Adam Smith’s theories. ++ “Arm’s-length finance,” a distinctly Anglo-American style, has made headway on the

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September 30, 2008 | Rescue the Rescue Plan

The rejection of the rescue package, led by Republicans, proved the incompetence of US leadership. ++ Most members of the G.O.P. still believe socialism poses the biggest threat and disregard that today’s economy experiences huge cycles of bubble and burst due to global capital flow. ++ Greater authority is needed. ++ The Congressional plan is not perfect, but it would have stabilized the

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September 29, 2008 | Presidential Debates: What Are They Worth?

Presidential debates cannot change the fundamentals of an election. ++ Reagan’s poor opening debate against Mondale didn’t keep him from a 49-state landslide, and Kennedy’s strong debate against Nixon didn’t insure his victory - a surge in the Catholic vote did. ++ While McCain performed well on Friday, the fundamentals haven’t changed: unpopular president, more Democratic voter registration, and

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September 29, 2008 | Economics We Don't Understand

We are witnessing the very “bankruptcy of modern economics.” ++ While we have long understood demand-oriented macroeconomics, the current financial crisis does not conform to any previous economic model or known solution. ++ The previous $152 billion stimulus package didn’t help, since the problem lay with financial markets, not consumer markets. ++ The Paulson plan is the most effective solution

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September 26, 2008 | A New Financial Ethos Needed

The financial crisis evinces the exigent need for a “Global Monetary Authority.” ++ No international framework exists for dealing with such crises; the vacuum is perilous. ++ Financial wealth is shifting to the East; the result will be a “clash of philosophies,” in which the American financial system will be contested. ++ The GMA would “set the tone for capital

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September 26, 2008 | India Dodges Financial Crisis

The impact of the current financial crisis on India will be minimal. ++ Indian institutions, such as ICICI Bank, have relatively little exposure to Wall Street, and due to a good regulatory system, should escape fairly unscathed. ++ However, Tata AIG will admittedly have trouble ahead. ++ Finance Minister Chidambaram has already guaranteed that “firms will have the necessary funds to absorb

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September 26, 2008 | US: Still the Global "Beacon of Free Enterprise"

It’s a critical question: Is the financial crisis on Wall Street going to damage the US’s image of good finance and business expertise? ++ Actually, the answer is no. ++ The image of the US from a global perspective is still strong, and the US is for many “a beacon of free enterprise.” ++ There is no other financial leader who could replace the US - Europe is divided, while Russia and China have

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September 25, 2008 | No Blank Check for Paulson

The Bush administration’s financial bailout package is not well received by Congress – and rightly so. ++ There should be no “blank check,” given Henry Paulson’s maladroit leadership. ++ Obama has outlined four cardinal conditions that are imperative to any effective bailout; “these are the right principles.” ++ Moreover, the government should give

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September 25, 2008 | Private Sector Boosts Asset Values, Not Government

In the late 80’s and early 90’s the government-owned Resolution Trust Corporation (RTC) was charged with overseeing $400 billion in assets, most from failed banks and loan institutions. ++ The lessons learned then are applicable now. ++ Assets require active management to increase value, which the government cannot provide. ++ Holding large amounts of assets will depress prices due to a looming

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September 24, 2008 | Financial Fix Must be Clear and Efficient

Urgent action to save the financial system is good, but current draft legislation is risky. ++ Congress should not rush into a decision but needs to concentrate on three things: quickly restoring financial stability with low cost, punishing those responsible, and addressing the cause of the crisis — the price collapse in the real-estate market. ++ The Treasury plan has major problems,

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September 24, 2008 | UK: Take Action, Cut Interest Rates

Unemployment in Britain will rise by 2 million by the end of the year. ++ Just last month 81,000 more British citizens were without jobs, causing the unemployment rate to rise from 5.3% to 5.5%. ++ Job activity is on a sharp decline. ++ Employers are not hiring, and unemployment among the youth is very high. ++ Unfortunately, the UK economy tends to follow the path of the US economy, simply six

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September 23, 2008 | US Bailouts: Socialism is Not the Answer

Washington is bankrupt, fiscally and morally. ++ Socialism is in full swing, proving the free-market Republicans hypocrites. ++ Paulson wants Congress to grant the Fed $700 billion to buy private assets. ++ Such a move will only create more financial turmoil for the US and Europe in the future. ++ Moreover, the entire G8 is a financially “spent force.” ++ Yet, ironically the political landscape

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September 23, 2008 | No Money Left for Change

The US has done the right thing when it launched a rescue plan. ++ Those who argue how vast the initiative is are wrong because they underestimate the extensiveness of the US economy. ++ However, the true impact of the expansion of public spending lies in politics, because there is simply not much money left over for areas such as health care or alternative energy. ++ So even if Obama is elected

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September 22, 2008 | Hard Landing for Eurozone

The demise of the shadow banking system began last week. ++ This is the financial crisis of the century. ++ Shadow banks are not protected from bank runs, as commercial banks are. ++ A run on hedge funds is highly probable. ++ If these institutions are to be government-insured, they will need regulation in order to avoid any moral dilemma implications. ++ A “severe” US recession is

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September 19, 2008 | Multilateralism - Making the Market Work

This is not the end of capitalism, but “the global financial system will never be the same again.” ++ Those responsible for the mess are now entrusted with cleaning it up. ++ Politicians had little choice: socialize the debt or sit and watch as depositors are sucked into the maelstrom. ++ The primary task of politicians should be to establish a system of credible international

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September 18, 2008 | Politics of Fear are Bad News for Obama

Due to the financial crisis, the attack on the US embassy in Yemen, and the latest tropical storms, the tone of the US presidential campaign has become nervous and angst-ridden. ++ Even if people who consider the economy to be the most important reason to vote for Obama, there is a “deeper politics of fear that runs against Obama.” ++ While Obama offers a dream of how the world could be, McCain

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July 25, 2008 | The G8 Leaders Must "Get Their Act Together"

There are four main problems that deepen the world crisis: incoherence of American leadership, lack of global financing, lack of contact between scientific experts and politicians, and finally the fact that the G8 ignores the UN and the World Bank — institutions offering the best hope to tackle global problems. ++ The Group of Eight summits have turned into photo opportunities and illustrate the

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June 2, 2008 | US Deficit and Sinking Dollar: The Agenda of a New G5

The US dollar was for a long time the leading global currency against which all other foreign currencies were measured. The downside of this is that as a result, the USA has accumulated a huge trade deficit. In 2006, foreign goods and services purchased by Americans were worth 600 billion USD more than the goods and services they sold abroad. Every day, the US needs to draw on seven billion

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May 15, 2008 | Financial System Failed the Test of the Marketplace

Former Fed chairman, Paul Volcker, blames this year’s financial crisis on the lenders’ and investors’ attempting to revise the age-old fundaments of finance. ++ Despite the euphoric effect of bubbles, parties involved in the financial system must remember that the further a rubber band is stretched, the harder it will snap back into its former position. ++ Credit rating

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May 13, 2008 | Finance: US and Japan Only Similar in Symptoms

The current problems of the US financial sector are often compared to those of Japan in the 1990s. ++ While there are many similarities, there are significant structural differences that suggest that a different remedy is required in the case of the US economy. ++ US banks, under greater pressure from the market, were quicker to acknowledge their losses and raise private-sector capital. ++ A

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April 11, 2008 | IMF Needs a New Governance Structure

The IMF might have prevented the US crisis if it had detected mortgage market vulnerability sooner. ++ Since IMF governance is organized according to the “money for influence” model - most influential members have most leverage - US policies and regulations were not scrutinized or criticized. ++ IMF can only effectively supervise and secure financial stability if power is distributed evenly to

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