The Challenge for International Institutions
Edited by John-ren Chen and David Sapsford
Chapter 3: Global Development and Stability: The Challenge for International Institutions
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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