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Global Development and Poverty Reduction

The Challenge for International Institutions

Edited by John-ren Chen and David Sapsford

At the beginning of the third millennium, underdevelopment and poverty continue to remain critical problems on a global scale. The purpose of this volume is to explore the various ways in which the institutions of the global economy might rise to the challenges posed by the twin goals of increasing the pace of global development and alleviating poverty.
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Chapter 3: Global Development and Stability: The Challenge for International Institutions

Klaus Liebscher


Klaus Liebscher The organizers of a conference have presented me with a formidable challenge. The topic I am to cover is vast, and it is a challenge to delineate the essentials without neglecting the overall picture. As the governor of the International Monetary Fund (IMF) for the republic of Austria, my deliberations will focus on the role that the IMF in particular plays in fostering global development and stability. This does not imply that other organizations or agencies are less relevant or minor. However the IMF has the task of providing the global public good of a stable international financial and monetary system, without which nation states around the world would not enjoy economic growth and rising standards of living. The main challenge international institutions face today is how to provide the best framework for the governance of globalization so that this process becomes a ‘win–win’ situation, in which all economies ultimately benefit through productivity and growth effects. This means that a level playing field should govern the international division of labour and the integration of national economies via trade in goods and services to minimize unfair crossborder competition. This also means that there have to be rules which regulate corporate and foreign direct investment as well as financial flows. In the political arena, the United Nations (UN) attempts to deliver global public goods, while the World Bank, the World Trade Organization, the International Labour Organization, the Bank for International Settlements (BIS) and the International Monetary Fund are...

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