Once in a Generation

Jeff Hayden altBy Jeff Hayden

World leaders will come together three times—in July, September, and December—to press for progress in the fight against poverty and to forge partnerships in support of better-quality life around the world.

In July, government officials and representatives from civil society organizations, donor groups, and the private sector will meet in Addis Ababa, Ethiopia, to secure the financing needed to lift millions out of extreme poverty.

The global community assembles again in New York in September to review progress under the Millennium Development Goals (MDGs), which expire this year, and to adopt new ones—the Sustainable Development Goals (SDGs)—that map out development through 2030.

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Don’t Rule it Out: Simplifying Fiscal Governance in Europe

By Petya Koeva Brooks and Gerd Schwartz

The 2008 global financial crisis and its aftermath have tested the European Union’s (EU) fiscal governance framework—the rules, regulations, and procedures that influence how budgetary policy is planned, approved, carried out, and monitored. Given the distinctive nature of EU integration, the framework aims to discipline national fiscal policies to prevent adverse spillovers to other countries and distortions to the conduct of the euro area’s common monetary policy.

The build-up of fiscal imbalances, however, revealed gaps in the framework. Public debt in the European Union soared following the crisis in 2008 to an average of around 95 percent in 2014—almost 30 percentage points above its average pre-crisis level (Chart 1).

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Spring Meetings Redux!

DSC_7906By Sabina Bhatia

Washington is at its best in the spring. Green shoots pop out, daffodils and magnolias are in full bloom and the cherry blossoms cast a pink halo over the city. After a long, cold winter, there is hope everywhere.

And so it was with the 2015 Spring Meetings of the IMF and World Bank. Hope was in the air—would the global economy avoid the “new mediocre” from becoming the “new reality?” Would Greece reach agreement with its creditors? Would there be progress on IMF governance reform?

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Tolstoy & Billionaires: Overheard at the IMF’s Spring Meetings

By iMFdirect editors

All happy countries are alike; each unhappy country is unhappy in its own way.

This twist on Tolstoy’s Anna Karenina echoed through the seminars during the IMF’s Spring Meetings as most countries, while recovering, are struggling with the prospect of lower potential growth and the “new mediocre” becoming a “new reality.”

Our editors fanned out to cover what officials and civil society had to say about how to help countries pave their own path to happiness.

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The Elusive Quest for International Policy Cooperation

By Olivier Blanchard, Atish R. Ghosh, Mahvash S. Qureshi

As with previous crises, the global financial crisis has prompted greater calls for international policy cooperation, but it still remains very much like Nessie, the lovable Loch Ness monster: oft-discussed, seldom seen. To reflect on the obstacles to international policy cooperation, and how to make progress, the IMF recently hosted a panel discussion, Toward a More Cooperative International Monetary System: Perspectives from the Past, Prospects for the Future, with Maurice Obstfeld (CEA; University of Berkley), José Antonio Ocampo (Columbia University), Alexandre Swoboda (The Graduate Institute, Geneva), and Paul Volcker (Former Chairman, Federal Reserve).

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Fair Play—Equal Laws for Equal Working Opportunity for Women

2014MDNEW_04By Christine Lagarde 

(Versions in 中文, Français, 日本語Русскийعربي and Español)

Leveling the legal playing field for women holds real promise for the world—in both human and economic terms. Unfortunately, that promise remains largely ignored and its potential untapped. In too many countries, too many legal restrictions conspire against women to be economically active—to work.

What can be done to remove these barriers?  A new study done by IMF economists seeks to answer that question.

The bottom line? It's about a fair, level playing field.

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Learning to Live with Cheaper Oil in the Middle East

masood-ahmedBy Masood Ahmed

(Version in عربي)

The steep decline in global oil prices, by 55 percent since last September, has changed the economic dynamics of oil exporters in the Middle East and North Africa. Our update of the Regional Economic Outlook, released yesterday, shows that these countries are now faced with large export and government revenue losses, which are expected to reach about $300 billion (21 percent of GDP) in the Gulf Cooperation Council and about $90 billion (10 percent of GDP) in other oil-exporting countries.

Where prices will eventually settle is, of course, uncertain, making it hard for policymakers to gauge how much of the bane is temporary in nature and what share of it they should expect to last.

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Inclusive Growth=Stability

By iMFdirect

In the end, the case for job rich, inclusive growth is not economic, it’s political, according to Nobel prize-winning economist Michael Spence.

In this podcast with the IMF, Spence discusses the growing sense in many countries that it’s mostly the wealthy population who are reaping the benefits of economic development.

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What Happens to Public Health Spending in IMF-Supported Programs? Another Look

By Benedict Clements, Sanjeev Gupta, and Masahiro Nozaki

(Versions in 中文Français日本語, Русский, and Español)

Improvements in health can have a tremendously positive effect on society’s well-being and the level of economic activity. Indeed, 2013’s path-breaking report by the Lancet Commission indicates that about 11 percent of the economic growth in recent decades can be attributed to these improvements. As such, it makes good sense for macroeconomists to pay attention to health indicators and to the factors that influence them, such as public health spending.

In this context, it is not surprising that the impact of IMF-supported programs on public health spending has generated considerable attention. Previous research, focusing on periods before the global financial crisis, indicates that Fund-supported programs have a positive effect on public health spending (Martin and Segura, 2004; Center for Global Development, 2007; Clements, Gupta and Nozaki, 2013). But does this pattern still hold if we extend the analysis to more recent years? In this blog, we take a fresh look at this evidence for developing economies.

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25 Years of Transition

By iMFdirect

What a difference 25 years can make. The fall of the Berlin Wall on November 9, 1989 was  a day that changed world history and transformed Europe.

Central and Eastern Europe embarked on a historic transition from communism to capitalism and democracy. We thought this landmark anniversary was a good time to look back at the achievements and also forward to the future, as we do in a new IMF report on 25 Years of Transition. The IMF's First Deputy Managing Director David Lipton also gave a recent speech in Warsaw, Poland on this important chapter in history.

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