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The IMF meeting achieves not a lot

Business Times - 28 Sep 2011


IMF meeting makes little difference in current crisis

The main obstacles to resolving the economic woes are political in nature

By LEON HADAR
WASHINGTON CORRESPONDENT

WHAT happens if a tree falls in the forest and everyone does hear it - but then no one cares? Assessing the outcome of the weekend's meetings of the International Monetary Fund (IMF) in Washington - a lot of important attendees, including finance minister and central bankers and a lot of media hype - the answer is: Not much happens.

The global economy may be on the verge of another devastating financial crisis that could be precipitated by Europe's government debt problems. That is the main reason why the financial markets have been trembling in recent days.

But after days of meetings in Washington where leading financial officials from around the world convened for the IMF-World Bank fall meeting, it was obvious that notwithstanding another statement in which the 187 members of the IMF ple…