Who’s driving the IMF?

The Greece crisis has been an interesting test for the much celebrated shift from the G7 to the G20 as the world’s economic steering group. For decades, meetings of key G7 officials determined the Fund’s policy. Now, we are told, the G20 is in control. But the G7 countries haven’t shaken the habit of privately talking amongst themselves. Late last week, senior officials held a conference call to discuss developments in Greece and IMF policy.

The G-7 finance ministers aren’t planning to issue a joint statement, but it’s possible each member will publicly deliver a common message, according to a Japanese government official who spoke on condition of anonymity because the plans for the call are private. The G-7 stopped issuing statements after regular meetings since it last year made the Group of 20 the main arena for setting global economic policy.

Advertisements

About David Bosco

Assistant Professor at American University's School of International Service. Contributing editor at Foreign Policy magazine. Author of Rough Justice: The International Criminal Court in a World of Power Politics and Five to Rule Them All: The UN Security Council and the Making of the Modern World
This entry was posted in G20, International Monetary Fund. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s