The debt crisis that has hammered southern Europe since 2010 will have long-lived economic effects, despite the moderation in Spanish and Italian government borrowing costs since the European Central Bank's "Outright Monetary Transactions" initiative last September.
A broad-sweeping look at international efforts to regulate the global financial system. This is part of the Global Governance Monitor, an interactive feature tracking multilateral approaches to several global challenges.
Christine Lagarde, the newly appointed Managing Director of the International Monetary Fund, discusses the IMF's changing role amid growing concerns over U.S. and Eurozone debt with Tom Glocer, Chief Executive Officer of Thomson Reuters.
The International Monetary Fund, both criticized and lauded for its efforts to promote financial stability, finds itself again in the forefront of global economic crisis management. This Backgrounder examines the Fund's history and role.
New IMF Managing Director Christine Lagarde has to move quickly to establish independence from the European authorities who got her the job, enhance the IMF's legitimacy, and display her ability to manage the fund, says CFR's Steven Dunaway.
European Union Commissioner for Economic and Monetary Affairs Olli Rehn says French Finance Minister Christine Lagarde "would make a very good managing director of the IMF for the whole world, not only for Europe." "The European Union and its member states see that Christine Lagarde, the finance minister of France, has very strong professional qualifications and has earned the respect of her peers as the chairperson of the G20," Rehn said.
The arrest of IMF chief Dominique Strauss-Kahn on charges of sexual assault could hamper the fund's short-term ability to help manage the eurozone crisis but is not likely to harm the IMF over the long term, says CFR's Steven Dunaway.
The nearly $1 trillion EU bailout plan appears to have achieved immediate aims of restoring confidence in markets, but concerns persist about deeper reforms needed to tackle the region's sovereign debt crisis.
The Council on Foreign Relations' David Rockefeller Studies Program—CFR's "think tank"—is home to more than seventy full-time, adjunct, and visiting scholars and practitioners (called "fellows"). Their expertise covers the world's major regions as well as the critical issues shaping today's global agenda. Download the printable CFR Experts Guide.