Steven A. Tananbaum Senior Fellow for International Economics Robert Kahn argues that the International Monetary Fund (IMF) deserves credit for effectively responding to the global and European financial crises. However, the institution will face different and potentially more difficult challenges in the next five years as it struggles to come to terms with a changing international power order and lending rules that are not well suited to address future crises.

Bottom Line: The European Central Bank's (ECB) recent asset-quality review (AQR) and stress test of eurozone banks was an important step. But restarting growth requires stronger macro policies if Eur…