Some of the policy measures that are important are politically difficult if taken independent of actions by others in support of common goals. Joint actions are therefore needed, and establishing a G-11 with an effective role for the IMF provides the viable way forward.

2005 is highly likely to be a more challenging environment, both for policymakers and investors.

The emphasis so far on fiscal austerity, while to a degree necessary for the countries facing market funding difficulties, is excessive when carried out across the board.

Charles Dallara Quotes