Last week our CGD and Peterson Institute colleague Arvind Subramanian called on the IMF to speak truth to power, in an elegant cri de coeur in the Financial Times. The IMF, he notes: “has not provided independent intellectual leadership, most evidently on the eurozone crisis. And it is unprepared to provide stability for the next big global crisis.”
CGD Policy Blogs
IMF managing director Christine Lagarde announced at a CGD event on Tuesday that the IMF would provide research and analytic support in three areas crucial to sustainable development: carbon pricing, phasing out fossil fuel subsidies and green national accounting, that is, development of new measures of economic progress that take into account environmental costs and benefits not included in Gross Domestic Product (GDP).
IMF Chief Warns of Triple Crisis—Economic, Environment, Social—Details IMF Actions to Help on Climate
In a major departure from the IMF’s traditional focus on narrowly defined economic problems, IMF managing director Christine Lagarde warned today that the world faces “a triple crisis—an economic crisis, an environmental crisis and, increasing, a social crisis.”