engleski

The role of the IMF in dealing with the global financial crisis in European emerging economies

International Monetary Fund (IMF) was established in 1944 with the purpose of encouraging international monetary cooperation, exchange rate stability and setting exchange rate arrangements, encouraging growth and a high level of employment and ensuring financial assistance to countries with balance of payments adjustment. Generally, the IMF is responsible for ensuring the stability of the international monetary and financial system, the system of international payments and exchange rates among national currencies that enables trade to take place between countries. It promotes economic stability, seeks to prevent crises and resolve them when they occur, promotes growth and seeks to alleviate poverty. Over the years, there are a number of reform proposals that advocate reforming the IMF and changing the international financial architecture. The current global financial crisis enhanced the role of the IMF in crisis management and also is testing the ability of the IMF to provide sufficient assistance to affected countries. The severity of this crisis represents a challenge for the IMF in its main goal: achieving global financial stability. This paper analyses the role of the IMF in dealing with the global financial crisis in European emerging economies and points out certain challenges for future development of this international organization.

IMF ; financial crisis ; European emerging economies ; financial stability

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