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The Global Financial Crisis: The Role of the International Monetary Fund (IMF), Date: October 27, 2008 1 (October 27, 2008)

handle is hein.tera/crser0117 and id is 1 raw text is: Order Code RS22976 October 27, 2008 ACRS Report for Congress The Global Financial Crisis: The Role of the International Monetary Fund (IMF) Martin A. Weiss Specialist in International Trade and Finance Foreign Affairs, Defense, and Trade Division Summary This report discusses two potential roles the International Monetary Fund (IMF) may have in helping to resolve the current global financial crisis: (1) immediate crisis control through balance of payments lending to emerging market and less-developed countries and (2) increased surveillance of the global economy through better coordination with the international financial regulatory agencies. This report will be updated as events warrant. The current global financial crisis, which began with the downturn of the U.S. subprime housing market in 2007, is testing the ability of the International Monetary Fund (IMF), in its role as the central international institution for oversight of the global monetary system. Though the IMF is unlikely to lend to the developed countries most affected by the crisis and must compete with other international financial institutions1 as a source of ideas and global macroeconomic policy coordination, the spillover effects of the crisis on emerging and less-developed economies gives the IMF an opportunity to reassert its role in the international economy on two key dimensions of the global financial crisis: (1) immediate crisis management and (2) long-term systemic reform of the international financial system. The role of the IMF has changed significantly since its founding in July 1944. Late in World War II, delegates from 44 nations gathered in Bretton Woods, New Hampshire to discuss the postwar recovery of Europe and create a set of international institutions to resolve many of the economic issues - such as protectionist trade policies and unstable exchange rates - that had ravaged the international economy between the two world wars. As the global financial system has evolved over the decades, so has the IMF. From 1946 to 1973, the main purpose of the IMF was to manage the fixed system of Such as the Bank for International Settlements, Financial Stability Forum (FSF), and the Organization for Economic Cooperation and Development (OECD). Congressional Research Service The Library of Congress Prepared for Members and Committees of Congress

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