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Thomas Gerassimos Riedel, Rechtsbeziehungen zwischen dem Internationalen Währungsfonds und der Welthandelsorganisation Nomos, 2008 ISBN 978-3-8329-3703-4

  • Christoph OhlerEmail author
Chapter
Part of the European Yearbook of International Economic Law book series (EUROYEAR, volume 3)

Abstract

In July 2008, when this PhD thesis was published, only few people imagined the magnitude of the financial turmoil that would befall the western hemisphere and trigger a deep and long-lasting recession. Also in July 2008, most commentators were sceptical when asked whether there was at all a future for the old Bretton Woods System, in particular the IMF and its lending policy. Many countries, which only some years ago were dependent on support from the IMF, had announced to repay their facilities and stop co-operating with the Washington based international organisation, a fact which the author mentions shortly (p. 98). But, when the financial crisis hit Iceland, to name only one country affected, the IMF was back in business – which it is now eagerly defending. In the future, the question will be if the IMF can establish itself successfully as a global macroeconomic supervisor watching out to warn against the rise of systemic risks and global imbalances. It is the same logic when political leaders and academia discuss the role the various international fora around the G20 process will play and how they should be put into effective co-operation rather than left in isolated co-existence. Maybe, the biggest flaw of the past was that we (and not only they) all concentrated on our undoubtedly relevant but, narrow mandate (or academic interests), thereby neglecting the complex interplay between trade and finance. This is also the field where the mandate of WTO and IMF could be mutually strengthened in the future.

Keywords

Current Account Deficit Bretton Wood System Global Imbalance Financial Turmoil Lending Policy 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Copyright information

© Springer-Verlag Berlin Heidelberg 2012

Authors and Affiliations

  1. 1.Rechtswissenschaftliche FakultätFriedrich-Schiller-Universität JenaJenaGermany

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