The BRICS statement on the selection of the next head of the IMF is an appeal for reason and proportionality. International multilateral institutions should reflect the world they claim to represent. On Wednesday, France’s Finance Minister Christine Lagarde officially declared her candidacy to replace Dominique Strauss-Kahn as managing director of the International Monetary Fund. A […]
In fall 1991, the Soviet Union collapsed. In fall 2008, the laissez-faire capitalism of the advanced economies imploded. Several nations – especially in the Eurozone, the United States, and Japan – have been stumbling through crises.
This crisis mode has often been portrayed as a moderate, incremental and piecemeal solution to the European turmoil. In reality, it has the potential to make the crisis far more painful, disruptive and pervasive.
Record debt levels in peacetime
After great uncertainty and volatility, Finland has agreed to support participation in the Portugal rescue. How did Finland, the “EU model student”, turn into a euro-skeptic?
“The National Coalition party and the Social Democratic party have agreed to support participation in the Portugal rescue,” Jyrki Katainen, finance minister and leaders of the Conservatives (KOK), told reporters on Wednesday. With the agreement between Finland’s two biggest political parties to support the EU bailout for Portugal, the way is paved for EU finance ministers to authorize the €78bn ($110bn) bailout in Brussels next week – even if Finnish support is conditional.