Central Banking

IMF independence

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ARTICLE - The article considers a speech made by Ed Balls, the UK Treasury's chief economic adviser, in Washington last week. He argued that the IMF should be independent along the same lines as an independent central bank. This would increase the institutions credibility if it were free from political interference, he said.

First published in the UK edition of the Financial Times, 10 March.

What is the most valuable function of the International Monetary Fund? Its lending operations, some would

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