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The Role of the IMF in Managing the Euro Area Sovereign Debt and Banking Crises: Perspectives from East Asia

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  • Yung Chul Park

Abstract

This paper analyzes strategies and policy conditionality of the troika – European Commission, European Central Bank, and IMF – in resolving the euro area crisis from Asia's perspective with the 1997 IMF Asian crisis management as a possible counterfactual and a yard stick for their effectiveness. The IMF entered into collaboration with the EU mainly to provide the technical expertise in and share with its European partners the lessons it learned from managing past crises. But many of these lessons have been unheeded – in particular limitations of the export†led recovery through internal devaluation and the need to move forward with financial reform at an early stage of the crisis and calibrate supply side reform with the implementation capacity of the crisis countries.

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  • Yung Chul Park, 2017. "The Role of the IMF in Managing the Euro Area Sovereign Debt and Banking Crises: Perspectives from East Asia," Global Policy, London School of Economics and Political Science, vol. 8(4), pages 443-454, November.
    • Handle: RePEc:bla:glopol:v:8:y:2017:i:4:p:443-454
    DOI: 10.1111/1758-5899.12507
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