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On Defense, France Bites the Bullet, But Avoids Strategic Insolvency May 7, 2013
Iceland’s Recovery Saga Presents Opportunities for Brussels, Washington—and Beijing May 6, 2013
Which Way Forward for Europe’s Hybrid Regimes? May 2, 2013
The Arab Revolts and the Liberal Order May 2, 2013
Events
GMF celebrates its 40 year history and Founder and Chairman, Dr. Guido Goldman at Gala Dinner May 09, 2013 / Washington, DCGMF held a celebratory gala dinner at the United States Institute of Peace in Washington, Wednesday May 8.
In this podcast, GMF Vice President of Programs Ivan Vejvoda discusses last month's historic agreement to normalize relations between Kosovo and Serbia.
Anchor Elaine Reyes speaks with Andrew Small, Transatlantic Fellow of the Asia Program for the German Marshall Fund, about Beijing's potential role in brokering peace between Israel and Palestine
Policies to Bridge Regional and Global Financial Arrangements
November 01, 2010 / Kati Suominen
MIT Press
The G20 placed the International Monetary Fund (IMF) at the center of its efforts to tame the global financial crisis, tripling the Fund’s lending capacity and refurbishing its mission and instruments. However, as the world economy recovers, the Fund is facing difficult questions about its legitimacy and effectiveness. One of the main challenges is a specter of disintegration of the global financial architecture into regional and bilateral arrangements – right when globalization of the world economy and crises alike calls for system-wide management.
The epicentre of the issue is Asia. Amid the 2008-09 global crisis, the 13-member Chiang Mai initiative conceived in the wake of the 1997-98 Asian financial crisis was expanded to a total of US$ 120 billion, and it was “multilateralized” – a step expected to lead to the construction of an Asian Monetary Fund. But Chiang Mai is hardly sui generis; there are a number of other, even if not as prominent and/or widely discussed regional funds in Europe, the Americas, and the Middle East,6 and Europeans and Latin Americans have recently discussed deeper regional financial integration. In addition to regional efforts, crises have frequently spawned bilateral, ad hoc lending arrangements. For example, in the latest crisis, Korea and Singapore turned to Japan and China for emergency lines outside the Chiang Mai system, and Korea performed its largest, US$ 30 million swap arrangement with the US Federal Reserve.
See attached PDF for full article.
