Obstfeld on global monetary reform
An expanded role for institutions such as the International Monetary Fund (IMF) is a key part of the systemic perspective needed for global financial stability, said Maurice Obstfeld of the University of California, Berkeley.
He noted the Federal Reserve had acted as a global lender of last resort during the crisis through the provision of dollar swap lines but suggested that such a role was more suited to an international institution such as the Fund.
The IMF's ability to fulfil such a role
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