The IMF must stop playing second fiddle in Europe

Commentary feature. The IMF should start taking the lead in managing the eurozone debt crisis rather than playing second fiddle. The eurozone should suppress any wounded pride, and not only acknowledge that it needs help but also provide quickly what it has already promised. Greek debt will have to be restructured, but funding structures must be in place for Italy and Spain before any resolution. This means that others must prepare to do their bit, and Greece must step back from the brink. But the rest of the world must pitch in quickly: if this crisis is unresolved, no one will be spared.

The writer is Professor of Finance at the University of Chicago’s Booth School and author of Fault Lines: How Hidden Fractures Still Threaten the World Economy.

ESO: Background information: Find other Commentary Features in ESO on Challenges facing EMU http://www.europeansources.info/advSearchLink?keyword=commentary%20feature%20emu%20challenges%20&searchOption=all

ESO: Background information: Pressure mounts on Europe to boost rescue fund / Debt talks fail to agree solution http://www.europeansources.info/record/pressure-mounts-on-europe-to-boost-rescue-fund-debt-talks-fail-to-agree-solution/

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