Regional and bilateral liquidity arrangements have gained increasing prominence over the past decades, not least during the recent global financial crisis. This has important consequences for the role of the International Monetary Fund (IMF) as a crisis lender and raises questions regarding the relationship between these arrangements and Fund lending. The contributions in this publication address a wide range of topics dealing with regional and global liquidity arrangements, including reform proposals for IMF lending facilities; experiences with, and reform proposals for RFAs (regional financing arrangements); the relationship between the IMF and RFAs, including overlaps or complementarities that exist or may emerge among them; comparative advantages and/or disadvantages in the relationship between regional arrangements and the Fund; and guidelines for ensuring an efficient division of labour between regional arrangements and the Fund.
Published by the Deutsches Institut für Entwicklungspolitik (German Development Institute) in Bonn, the book features a chapter contributed by CEPS Director Daniel Gros entitled “‘EMF in IMF’ instead of ‘EMF versus the IMF’”.
The text is available for free downloading in PDF at: http://www.die-gdi.de/CMS-Homepage/openwebcms3_e.nsf/%28ynDK_contentByKey%29/ANES-8ATG8G/$FILE/E-Publication%20Volz.Caliari.pdf