The failure to distinguish between sovereign and non-sovereign economies has corrupted IMF policy advice. Reform remains problematic due to the dominance of neo-liberal ideals in the Fund.
The IMF is ‘in trouble’ because it does not represent a place for collective action nor of universality. Rather, it constitutes an executive agent of American power and its global projections vis-à-vis other economies.
The G7 states themselves are no more likely to push for a Global Economic Council than turkeys are to vote for Christmas, but that should not stop others from advocating along these lines.
The European community cannot stand idly by when one of its own members faces disintegration. The Union’s motto is: “United in diversity”. Now, more than ever, the EU must live up to this ideal.
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