Abstract
ABSTRACTThe international community’s management of the 2010 financial crisis in Greece revealed a major gap in the international financial system. No single institution is any longer unambiguously in charge. Consequently, the path is open for narrow interests to predominate over global interests. An examination of postwar history shows that this problem has been growing gradually since the 1970s and has become much greater since the mid-1990s. To alleviate the problem, the International Monetary Fund needs to develop an effective strategy for reducing the opportunities for creditor countries to intervene in decisions on how crises should be resolved.
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