Re. Rogoff contra Stiglitz

["Gunnar Tomasson" <gunnar.tomasson@xxxxxxxxxxx>]

Here is a Gang8 follow-up to my earlier message:

 

The IMF's jurisdiction over the structure of world monetary arrangements was effectively terminated in the early 1970s.  As and when - not if - the last vestiges of credibility attaching to the laissez-faire approach of the past three decades disappear, the IMF provides a ready-made institutional framework for international cooperation in the immensely important task of designing and making operational a new international financial structure.

 

In this respect, the IMF is an 'insurance' policy of the kind which was missing in the 1930s.

 

Gunnar