What does IMF

International Monetary Fund (IMF)

The IMF [International Monetary Fund, IMF] is a specialized agency of the United Nations (UN) to strengthen international cooperation in monetary policy; Founded on July 22, 1944, number of members: 189 (as of 2019); The IMF is headed by a board of governors made up of finance ministers and presidents of the central banks of the member states, whose votes are weighted according to the capital shares (USA: 16.75%, Japan: 6.23%, Germany: 5.81%, France and Great Britain each 4 , 29% and China: 3.81%); In response to pressure from the up-and-coming emerging countries such as China, a new distribution of votes was decided in 2011 in order to better reflect the greater economic weight of these countries); the managing director (since October 1, 2019) is the Bulgarian politician and economist Kristalina Georgiewa; it presides over a permanent decision-making body made up of 24 executive directors. The specific tasks of the IMF include:

• Advising the member states on economic, fiscal, exchange rate and monetary policy matters;

• assessing the impact of the policy on the balance of payments;

• Assessment of the world economic situation; Issuance of so-called special drawing rights (member states can fall back on loans);

• Bridging balance of payments deficits (aid is linked to economic policy reforms and is therefore “conditioned”);

• Organization of debt relief in highly indebted countries as well

• Issuing credit lines to countries (“emerging markets”) that are only experiencing economic difficulties temporarily but have good economic data (introduced in 2009 in the wake of the financial crisis).

In connection with the europ. National Debt Crisis (since 2010) the IMF (at the instigation of the German Federal Government, among others) has been involved in the "euro rescue package" with its own financial resources due to its many years of experience in fighting debt crises and as a member of the so-called Troika (made up of EU experts Commission, European Central Bank and IMF) in europ. Crisis states (e.g. Greece) on site to oblige the governments there to concrete austerity packages and to support them in their austerity efforts and reforms as well as to monitor the use of international aid funds. The IMF thus de facto became an institution of the EU. Its use in the euro crisis policy was controversial, because in the opinion of critics (e.g. the US government) the Europeans the financial aid for the European. Crisis states and the effort to "rescue the euro" could finance themselves.

Internet

literature

  • K. Gnath et al .: G 20, IMF and WTO in turbulent times, SWP study, Berlin March 2012 (download via: www.swp-berlin.org).
  • D. Hodson: The IMF as a de facto institution of the EU: A multiple supervisor approach, in: Review of International Political Economy, H. 3/21015, pp. 570-598.
  • J. Pisani-Ferry et al .: An Evaluation of IMF Surveillance of the Euro Area, Bruegel Blueprint 14, Brussels 2011 (Download: www.bruegel.org).

See also:
Euro crisis

from: Große Hüttmann / Wehling, Das Europalexikon (3rd edition), Bonn 2020, Verlag J. H. W. Dietz Nachf. GmbH. Author of the article: M. Große Hüttmann