By Simon Johnson
American officials are annoyed and deeply skeptical – not thinking that this will amount to anything. But the future has finally arrived – or perhaps its arrival has just been announced – in the form of the European Monetary Fund.
Such an institution would represent a major reshaping of global financial architecture, undermining the traditional basis of power for the United States – which would prefer to keep the International Monetary Fund (IMF) paramount. This is a good thing for the world, but also for the IMF and – believe it or not – for the US. Continue reading “European Monetary Fund, Arriving Soon”