Whither New Integrated Policy Framework of the IMF?
Last week, Kristalina Georgieva, the managing director of the International Monetary Fund, announced that the IMF is rethinking and updating its policy advice to emerging markets with an improved new integrated policy framework. In an op-ed piece in Financial Times (February 19), she wrote: “We are rethinking and updating our advice to member countries. Our goal is to provide country-specific advice on the appropriate mix of policies needed to preserve growth and financial stability. Our new “integrated policy framework” will reassess the costs and benefits of four tools — monetary policy, macroprudential policy, exchange rate interventions and capital flow measures — to help…