Time for the IMF to stand up to Europe

Europe needs a credible IMF to help overcome its deepening crisis, and this can only be achieved with a less cozy relationship between the two parties.

Sovereign risk was a principal theme in 2011 – most visibly in Europe and, to a lesser extent, in America's loss of its triple A rating. Along with poor growth and rising inequality, it will continue to raise serious questions next year about the functioning of the global economy. As this occurs, one institution – the International Monetary Fund – will attract special attention. The key question is whether it can finally step up to the role of global conductor, rather than suffering yet more erosion of its credibility.

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