The International Community's Response to the Economic and Financial Crisis and its Impact on Development - IMF Contribution to the United Nations Conference - New York, June 24-26, 2009

PP record

Date: June 24, 2009
Summary:The dramatic economic and financial strains that first emerged in 2007 represent an unprecedented global challenge, and have elicited an unprecedented and cooperative global response. While the global growth downturn has not yet been reversed, and financial sector functionality has not been restored fully, it is expected that the unprecedented anti-crisis policy efforts already underway will produce substantial progress in the coming year. Nonetheless, downside risks to this outcome remain notable, while significant new efforts also will be required to correct the systemic flaws that produced the preconditions for the current crisis. Thus, new international efforts will be essential for achieving a sustainable and balanced global growth rebound.

This note presents an overview of the IMF’s analysis of the causes of the crisis and the priorities for new policy initiatives. In addition, it describes the IMF’s own efforts to respond quickly and effectively to its members’ needs. It also discusses some of the longer-term reforms required to strengthen the global economy, and to ensure more effective global governance arrangements.

Series : Policy Paper
Subject(s): Financial crisis | Global Financial Crisis 2008-2009 | Development assistance | Fund role | Multilateral surveillance | Fund facilities | Monetary policy | Financial sector | Bank supervision | Fiscal policy | International cooperation | Crisis prevention | UN | Conferences