Today’s society consists of a crises where there is a need for crisis management, however critics argue there is not enough being done to assist all nations from this organization. There is little attention from the International Monetary Fund (IMF) for developing countries trying to work on their financial situation. The IMF is focusing their attention on developed countries with the expensive plans and rescue operations. There is speculation that short term crisis management has too many negatives including it is too costly, responses are not quick enough decisions that are made are often incorrect, and more. There will be much discussion on the debt crisis and the exchange rate. ...view middle of the document...
Critics say they help do rescue operations rather than give money because it will look better in the media. (IMF, 2011)
Global Economic Crisis
The existing global economic crisis has been the worst recession in history since the Great Depression of the 1930’s. In 2007 the crisis began from the mortgage markets in the United States and began to slowly but steadily increase the crisis and affected other nations and soon became to be worldwide affecting all economic activities and organizations globally. The IMF decided to travel and communicate with many different nations and obtain members to increase lending of money, use global experience to assist nations on economic decisions, modernize operations and in generally help and assist member countries in whatever way possible to them. As the crisis moved to Europe, the IMF has become vigorously involved in the nation and is working together with the G-20 to support a multidimensional method (Massachusetts Institute of Technology.)
Working with Europe
The IMF is currently involved in Europe as a supplier of advice for different policies, banking and finance, and technical support. The IMF works interdependently and also they work with the European Union together (EU.) This work with Europe began in 2008, and continued to progress and get closer in relationships in the mid 2010’s as a result of the sovereign debt crisis. There are 187 countries working together in the IMF to make the economic crisis cease to exist, although it is difficult, there are more issues revolving such as the exchange rate crisis, not just the debt crisis. (Jones, 2012)
There is much concern today with the nonparallel orientation or different...