The International Monetary Fund

For more than sixty years the International Monetary Fund (IMF) and the World Bank have been the bastions of the global economy. They are best described as parents of an often unruly, unpredictable, and at times irrational modern-day financial system. For decades they have guided governments, leaders, other financial institutions and organisations through the good times and the bad; through times of economic expansion and contraction; and through periods of crisis and growth. To a greater or lesser extent, both have tried to evolve as the needs of the world's increasingly interdependent economy have changed. And since the Bretton Woods conference in 1944 both have fulfilled numerous roles. Depending on the requirements of the situation and the economic and political sensitivities of the country or region in which they have worked, they have been observers, managers and/or rescuers. Like their roles, their histories have been chequered. They have borne the brunt of the blame for financial crises but they have also, more often than not, been the first port of call for governments facing severe financial trouble…