Press Release, 8 November 2010

Launching of South Centre report on the eve of the G-20 Summit: “Why the IMF and the International Monetary System  Need More Than Cosmetic Reform”.

The hopes of a rapid global economy recovery have recently been dashed by renewed turmoil in the world economy.  The sovereign debt problems in several European countries, the gyrations in currency exchange rates, volatility in capital flows, and the war of words among major economies over “trade sanctions” and “competitive devaluations” are some of the many troubling signs of a new crisis that may be worse than the 2008-9 crisis triggered by the US sub-prime mortgage problem.

The South Centre report on “”Why the IMF and the International Monetary System Need More than Cosmetic Reform” authored by the Centre’s Special Economic Advisor, Yılmaz Akyüz argues that these recent problems reflect the lack of international mechanisms to prevent financial crises that have global repercussions and that threaten to spill over to the trading and economic systems.

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