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WILL THE CRISIS TRIGGER A REVIVAL OF THE IMF? Note based on remarks prepared for a panel organised by the Per Jacobsson Foundation in Washington, DC, on 12 October 2008 Will the crisis trigger a revival of the IMF?
2008
unpublished
As recently as a few weeks ago, a widely held view was that the IMF had lost its relevance in a world of increasingly free capital mobility where the financing needs of more and more developing countries were covered by capital markets. At the same time its legitimacy was at stake as a large part of the developing world openly questioned the sincerity of its advice and the structure of its governance. Even the governor of the Bank of England, Mervyn King, echoed the queries, commenting that
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