Whatever its merits for rescuing European nations mired in crises, German finance minister’s 7 March proposal for a European Monetary Fund (EMF) provides an opportunity for Europe and the United States to get the future of the International Monetary Fund (IMF) right. The IMF, a creation of the Bretton Woods accords of the 1940s, was [...]

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VENICE — The Greek crisis is the product of decades of mismanagement in public finance, a lack of transparency, and the pitfalls of sovereign debt in an age of credit default swaps. But the resolution of this crisis and others of differing scale and kind besetting Portugal, Spain, and Italy (and Ireland and Iceland) will [...]

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