ECB Trains Euro-Artillery on IMF

Daniel Davies d_squared_2002 at yahoo.co.uk
Thu Sep 28 04:18:42 PDT 2000


errrrr ...not.

--- Dennis R Redmond <dredmond at OREGON.UOREGON.EDU> wrote: > Really. Here's Wim Duisenberg, President of the ECB,

[snip]

The IMF should rather play a
> catalytic role. IMF
> conditionality in the form of adjustment programmes
> should, in conjunction
> with IMF financing, be instrumental in improving the
> external position of
> member countries and quickly restoring market
> confidence. Actual ceilings
> on access to IMF financing facilities should also be
> established."
>
> In plain English, bye-bye IMF, hello EIB.

I think you're off base on this one. This looks very much like the same sort of thing the world was saying in 1995, then again in 1998. It's not bye-bye IMF -- note that conditionality is still there, and still enforced by the IMF. I doubt that Michel Camdessus would have had much problem with saying this (dunno about K-W).

And the EIB is a totally different kettle of fish. You're mixing up long-term, development lending with short term emergency policy support lending. And the sums are an order of magnitude different.

Unless I'm missing something?

dd

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