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IMF wants power over global financial risk

IMF wants power over global financial risk article image
The International Monetary Fund managing director Dominique Strauss-Kahn says the organisation needs to update its mandate and will seek new authority to supervise the global financial system. Following the IMF's role in the recent global financial crisis, Strauss-Kahn says it's only natural for the organisation to transform "into an institution even better equipped to meet the challenges of the post-crisis era". "What we seek is a new focus and capacity to deal with systemic risks," he said, proposing a new multilateral surveillance procedure, which would allow the IMF to "assess the broader and systemic effects of country-level policies, and the associated risks, in a fundamentally different way". This would allow them to see links between economies, including those that would "transmit through the arteries of the global financial system" and spot problems earlier.

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