I.M.F. Turns on the Charm in Asia |
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July 19,2010
That warm glow and soft purring emanating from South Korea was the International Monetary Fund trying, yet again, to put the Asian financial crisis behind it.
That warm glow and soft purring emanating from South Korea was the International Monetary Fund trying, yet again, to put the Asian financial crisis behind it.
The I.M.F. needs Asia on its side. As the fastest-growing part of the world economy, the region will wield increasing clout at global institutions like the I.M.F. and provide more of their financing.
The problem, to put it bluntly, is that Asia does not need the I.M.F. — or even like the I.M.F., whose invasive policy prescriptions are blamed in the region for having exacerbated the 1997-1998 meltdown.
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