The International Monetary Fund finds itself front-and-center in dealing with Europe’s debt crisis, urging banks to recapitalize and policymakers to begin to aggressively address the problem. In Asia, however, the Fund finds itself in a completely different role, limited to monitoring and consulting with economies that seem relatively sheltered—at least for now—from the global crisis.
Ho Seng Chee, who worked 11 years at the IMF in Washington, D.C., says the organization was looking for a job when he left in 2008.
“People like to say, well the IMF saved Europe. I see it the other way, it’s kind of like Europe saved the IMF,” says Ho, who’s now a council member of the Singapore Institute of International Affairs. “If they didn’t have the European crisis, they wouldn’t have a job.”
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